The crucial step of making advanced countries pay for climate damage to emerging economies gives them an important new incentive to curb their own emissions.
After a marathon two weeks in Egypt, COP27 came to an end last weekend. The meeting overcame an impasse, allowing for a historic agreement on loss and damage, breaking down a long-term divide between developed and developing countries.
Loss and damage relates to the negative impacts from extreme weather and other environmental events caused by climate change. There was agreement to establish a funding arrangement to help vulnerable and developing countries adapt and recover from these impacts, which has taken 30 years to reach.
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Adrian King is Partner in Charge, Climate Change & Sustainability Services, at KPMG Australia.
