Climate Watch: Deflated hope as over 600 fossil fuel lobbyists attend COP27 |TheCable
With just six more days to the end of the conference, the first week leaves little expectation for the activities ahead. A lot of activities held in the past week focused on implementation, adaptation, finance, decarbonisation and agriculture.
But even this, according to delegates, is an old finance being pushed to adaptation, nothing new. With up toneeded for adaptation and only $29 billion mobilised so far, Biden’s support is only but a drop in the ocean. They say it is lack of political will that has made developed countries not to commit more financing to tackling climate change.
The UN has said the target is “out of reach”. At this year’s COP, hopes are still high on rich countries making true on this promise. However, on the COP27 finance day, which was supposed to see a lot of pledges pouring in from developed countries, the sheets were practically empty.
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