Developing nations were justifiably jubilant at the close of COP27 as negotiators from wealthy countries around the world agreed for the first time to establish a dedicated 'loss and damage' fund for vulnerable countries harmed by climate change. I study global environmental policy and have been following climate negotiations from their inception at the 1992 Rio Earth Summit. Here's what's in the agreement reached at COP27, the United Nations climate talks in Egypt in November 2022, and why it holds much promise but very few commitments. Essentially, the agreement only begins the process of establishing a fund. The implementable decision is to set up a 'transitional committee,' which is tasked with making recommendations for the world to consider at the 2023 climate conference, COP28, in Dubai. Importantly for wealthy countries, the text avoids terms like 'liability' and 'compensation.' Those had been red lines for the United States. The most important operational questions were...
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