Roll out the Drums, or Not: Hits and Misses at COP 27
Loss and damage support was one of the key demands of African states and other developing countries at the 27th meeting of the conference of parties to the United Nations Framework Convention on Climate Change (COP 27). On November 20, 2022, a deal on L&D funding was announced. The development has been described as a “breakthrough”, “historical”, and “landmark” agreement. This however raises important questions for developing countries. To what extent do these new initiatives worsen the indebtedness of developing countries, constrain their fiscal space, and generally make it more difficult for such countries to thrive?