COP27 in a nutshell.

THE 27th session of the International Climate Negotiations held in the resort city of Sharm El Sheikh represents a decidedly mixed outcome - a breakthrough on loss and damage, yet only narrowly avoiding backsliding on mitigation and adaptation.

The negotiated outcome reflects the paradoxical, turbulent yet powerful times we live in. The chaotic reality of transition requires deep changes across all the known structures that uphold the world's current economy and societies, highlighting profound divisions that show us how far we still are from our objectives of building a safe future.

The end-of-the-year negotiations is an adjudication moment where citizens and civil society everywhere judge government, and progress made by non-state actors in climate action. Negotiations are a slow and lugubrious process but COPs provide world leaders with an opportunity to show how they wish to reset the climate agenda as a key part of an effective global response to tackling linked crises.

COP27 was successful in placing a spotlight on the increasingly severe climate impacts being felt around the world, necessitating a fit-for-purpose delivery mechanism to scale up climate finance, reduce emissions, tackle adaptation and address loss and damage.

The negotiated outcome reflects the paradoxical, turbulent yet powerful times we live in.

The two historic breakthroughs at COP27 reaffirm a signal of confidence - albeit feeble - of political commitment to accelerating climate action amidst a tumultuous geopolitical context and intertwined crises.

The most salient signal of progress is the decision to establish a new fund for loss and damage. With opacity still surrounding the modalities of the fund, it is nevertheless a major breakthrough that should be followed by ensuring financial flows to this new funding arrangement.

The backdrop of the challenging geopolitical context was front of mind in many country statements that reflected concern for the simultaneous challenges posed by climate impacts, debt distress and the importance of delivering on climate commitments with no backsliding.

The other prominent breakthrough includes strong calls for structural reform of the international financial architecture to better service both climate and development goals in support of the Bridgetown initiative to revisit the Bretton Woods system.

Barring a few headline-grabbing commitments the Leaders' Summit did not live up to the promise of an 'Implementation COP'. There...