Is COP27 the highway to hope?

By Matilda Hartwig

The COP27 summit has provided another wake-up call to the world, as many developing countries place the human impact of climate change on full display. With natural disasters becoming more frequent and widespread, the effects of climate change are becoming increasingly difficult to ignore.

This year alone, the UK has experienced drought, floods and heatwaves. Elsewhere, countries such as Pakistan have lost more than 1,700 people to flooding, drought has decimated crops across China and Africa, and Barbados’ Prime Minister has warned the world could see a billion climate refugees by 2050.

At this year’s Summit, calls from developing countries for “loss and damage” compensation have grown louder, taking centre stage during talks. Pakistan is leading calls from climate-vulnerable countries for funding from the world’s richest nations to help them rebuild, adapt and become more resilient to our changing climate.

While many have remained relatively silent on this issue to date, some nations are beginning to put their money where their mouth is.

After initially declining to attend COP27 altogether, the UK Prime Minister has confirmed the UK will continue to deliver on its funding commitments, pledging £11.6 billion on international climate finance. He has also announced that the UK will triple its funding for climate adaptation – from £500 million in 2019 to £1.5billion in 2025 – and has today pledged a further £200 million to support African countries adapt to climate change. This is the most money committed for “loss and damage” so far.

Other countries pledging “loss and damage” compensation include Austria, Belgium, Denmark, Germany and Scotland.

While we wait to see if others follow suit, it is promising to see a change in tune from the United States. The U.S. Climate Envoy, John Kerry has indicated that the US may be willing to discuss reparations, saying Washington would not be “obstructing” talks on loss and damage at COP27.

With countries across the globe experiencing high levels of inflation, cost of living crisis and energy supply pressures, it is promising that commitments have already been made on the first few days of the Summit.

With 10 days until COP27 wraps up, we will optimistically be watching the world stage for even more positive news.