Why climate finance is a political hot potato — and what to do about it

Editorial in Nature:

For warming to be limited to 1.5 °C, emissions need to fall by 45% from 2010 levels by 2030. According to the latest UNFCCC report, published in October, they are set to increase by more than 10%. There is still no coordinated plan to turn these figures around. With some 45,000 people registered to attend COP27 — a record — many are questioning whether a planetary emergency can be tackled in this way.

One undoubted step forwards, however, came with the historic agreement to create a ‘loss and damage’ fund. For the first time, countries that have suffered devastation as a result of climate change will be helped with the associated costs, such as those of rebuilding homes and businesses destroyed by floods. This represents a totally new kind of fund, going beyond existing (if imperfectly implemented) mechanisms for funding the costs of mitigating and adapting to the effects of climate change.

More here.