COP27 Deal: Glass Half Full, Glass Half Empty

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The final COP27 deal can be described as keeping climate action on cruise control. Yet the unofficial message at the summit in Egypt was that the energy transition is accelerating in terms of long-term planning — by everyone from policymakers to investors — with the energy crisis creating urgency to invest in low-carbon technologies. The deal itself signaled no acceleration or deceleration, since it included some climate "wins," like a loss and damage fund for vulnerable nations, but also climate "losses," since stronger proposed language on items like a fossil fuel phaseout ultimately failed to make the final text.

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