COP27 - achievements were lacking despite declared intentions

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COP27 has come and gone but what were the results from this latest Conference of the Parties of the UN Framework Convention on Climate Change ? Sadly it appears concrete steps and progress once again were lacking. The overall verdict is that governments have failed to gain traction in speed, scale and sustainability to prevent significant climate change from occuring.

COP27 is notable for finally recognising that compensation and funding is needed for vulnerable developing countries with the creation of a loss and damage fund. Around $100B per annum is needed for this fund however how this will be achieved is also unclear. The fund is largely an undefined responsibility with key nations such as China declining to contribute.

Of considerable concern from the latest COP is that countries have failed to adopt adequate mitigation and adpatation policies. There was no sign at COP27 of the actual practical agreed steps to reduce greenhouse gas emissions and support adaptation needs.

In a research note, international consultancy firm Deloittes, noted for Australia "...commentators quickly pointed out that despite a new commitment to slash emissions, we remain one of the world's top exporters of coal and gas and have not committed to ending new projects or providing a clear plan to halt fossil fuel subsidies. COP31 will certainly be a test for Australia".