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Egypt's Foreign Minister Samih Zhukri (l) speaks during the closing ceremony at the COP27 climate summit in Sharm el-Sheikh.

Christophe Gateau/DPA via Reuters

What We’re Watching: Climate comp fund, Malaysian coalition building

COP27 delivers on reparations but fails on fossil fuels

Two days behind schedule, the COP27 climate summit in Sharm el-Sheikh, Egypt, finally wrapped up with a historic agreement on Sunday. Wealthy countries will pay poor nations for the economic damage caused by climate change. The so-called "loss and damage fund" will compensate the developing world for impacts like droughts and flooding, which rich nations led by the US had resisted for 30 years. But so far it's only a political statement of intentions with no financial commitment, so it'll be up to future COPs to work out the details. What's more, climate activists' joy over the much-awaited reparations deal was overshadowed by a lack of progress in cutting fossil fuels. Efforts to include stronger language on phasing out oil and natural gas on top of coal were rebuffed by top fossil fuel producers as well as by major guzzlers in the developing world who won't jeopardize their economic growth to embrace renewables. In other words, a victory for climate justice but a painful defeat for clean energy at a COP where expectations were low.

Get more COP27 insights from Eurasia Group analyst Franck Gbaguidi on our Instagram and YouTube channels.

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The world’s largest plastic waste pyramid is revealed in Egypt ahead of COP27 in Sharm el-Sheikh.

Zero Co/The Hidden Sea/Cover Ima via Reuters Connect

What to expect from COP27: “It’s pretty grim”

Last year’s COP26 summit in Glasgow, Scotland, where central governments and the private sector worked together in unforeseen ways, gave us reason to hope for climate progress. Nearly 200 countries gathered to agree on details of the Paris Agreement with an eye toward limiting global warming to 1.5 degrees C. This year was meant to be all about implementation.

But in the last 12 months, the world’s been rocked by war in Europe, soaring inflation, and deepening political and economic divides between rich and poor countries. As world leaders descend this weekend on the Egyptian resort city of Sharm El-Sheikh for the COP27 climate summit, climate warriors are wondering what can be done at this pivotal moment to save the planet.

We spoke with our very own climate expert, Eurasia Group’s Vice Chairman Gerald Butts, for a reality check on the goals and possibilities for this year’s COP27. The interview has been edited for length and clarity.

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Egypt Wants COP27 To Be All About Implementation | Global Stage | GZERO Media

Egypt wants COP27 to be all about implementation

Later this year, Egypt will be hosting the COP27 Climate Summit. What does the gathering hope to accomplish at such an uncertain time for climate action?

It's time to go from pledges and commitments to implementation, Egyptian Minister for International Cooperation Rania al-Mashat says during a Global Stage livestream conversation hosted by GZERO Media in partnership with Microsoft.

"We want it to be an implementation COP," she explains. "And for that to happen, there needs to be a way for all the private-sector commitments that were made in Glasgow to make their ways to countries. And the only way to do that is if more climate finance ... is presented to actually de-risk some of the private-sector investments."

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