Global | COP 27? Hello, COP 28

With COP 27 over, the balance of what has been achieved is a bit unsatisfactory: a missed opportunity to make decisive progress on mitigation, adaptation and climate finance, which is not offset by the progress in reparations for climate loss and damage.

Key points

• Key points:
• In climate mitigation, few countries have updated their emissions pledges under the Paris Agreement: only 29 in 2022, one-fifth as many as in 2021, according to Climate Action Tracker.
• The gap between achieved emission reduction commitments and pathways consistent with achieving "net-zero" by 2050 remains large, unachievable without tipping points in the current trends.
• A range between +2.2°C and +3.4°C above pre-industrial levels remains consistent with current climate policies, and between 1.5°C and 2.3°C if everything announced, including that which has no legal force, were to be fulfilled. Paris is still a long way off.
• In climate adaptation, the failure to meet previous funding commitments did not bode well. In the end, COP 28 has been tasked with improving financing and developing an agenda.
• In climate finance in emerging economies, also with unmet targets for capital mobilization from developed countries, a more active role for multilateral financial institutions is proposed, sharing risks with the private sector with blended financial instruments.

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