After an inauspicious start, 2022 has been a year of low-key but surprisingly successful muddling through for multilateralism. While the war in Ukraine had the potential to throw international institutions into disarray, overall these institutions weathered the storm in better shape than seemed imaginable shortly after the invasion.
The U.N. COP27 Climate Change Conference wrapped up this month with a historic breakthrough, as world leaders agreed to create a dedicated fund to address “loss and damage” stemming from the impacts of climate change in developing countries. Now that’s been agreed to, though, the real work of financing it begins.
The U.N. COP27 Climate Change Summit concluded Sunday in Sharm el-Sheikh, Egypt, with a breakthrough in negotiations to set up a “loss and damage” fund. For countries in Africa, the agreement to allocate loss-and-damage financing is hopefully the first of many necessary steps toward a fairer climate transition.