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“Multilateral climate cooperation is still possible” — Inese

The Swiss Re Institute takes stock of the recent COP27 climate change conference. “There has been progress on climate finance, but no more ambitious emissions reduction commitments have been made, nor has a further phase-out of all fossil fuels been agreed,” indicates in a report.

The main conclusion for the reinsurer is that “the conversations proved it multilateral climate cooperation remains possible despite a more multipolar world, but moving from goals to action is a challenge”.

Key points

  • In a year marked by guearth, the energy crisis and global change towards a more fragmented and multipolar world, COP27 demonstrated that climate cooperation is still possible.
  • in conversations they have not been achieved the necessary and more ambitious promises of reduction of emissions nor clear commitments to phase out all fossil fuels.
  • The summit made progress on climate finance which could help increase vital finance flows, particularly to the developing world.
  • Implementing change is challenging, but it’s essential to achieving the massive acceleration of effort needed to meet future goals.

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