Thursday, 24 November 2022 — The Tricontinental

Chéri Samba (Democratic Republic of the Congo), Reorganisation, 2002.

Dear friends,

Greetings from the desk of Tricontinental: Institute for Social Research.

The dust has settled at the resorts in Sharm el-Shaikh, Egypt, as delegates of countries and corporations leave the 27th Conference of the Parties (COP) of the United Nations Framework Convention on Climate Change. The only advance made in the final agreement was for the creation of a ‘loss and damage fund’ for ‘vulnerable countries’. However, despite being hailed as a breakthrough, the deal is little more than the financing of the Santiago Network for Loss and Damage agreed upon at the COP25 in 2019. It also remains to be seen whether this new financing will in fact be realised. Under previous agreements, such as the Green Climate Fund established at the COP15 in 2009, developed countries promised to provide developing countries $100 billion per year in financing by 2020, but have failed to meet their stated goals. At the conclusion of COP27, the United Nations expressed ‘serious concern’ that those past pledges have ‘not yet been met’. More importantly, the Sharm el-Sheikh Implementation Plan notes that a ‘global transformation to a low-carbon economy is expected to require investment of at least $4–6 trillion a year’ – a commitment that is nowhere in sight. The International Energy Agency said that, in 2022, annual global clean energy investment will remain below $1.5 trillion. This is ‘record clean energy spending’, they announced, and yet, it is far below the amounts that are required for a necessary transition.

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