There was also much discussion about the need to reform multilateral institutions such as the World Bank and the International Monetary Fund. For the first time, a draft political decision published at the climate talks calls on multilateral development banks and international financial institutions to align their spending with climate goals.
COP27 also shed a light on justice and justice, especially for indigenous peoples, frontline, and fenceline communities in the US and abroad. For the first time, there was a dedicated Climate Justice space at the COP, and as part of the negotiations, representatives from Both indigenous peoples and local community groups have developed a detailed vision of what direct access to finance should look like, based on guiding principles, policies, Governance mechanisms, measures and indicators.
Other good news included the US arrival at COP27 with a climate legislative victory – the Inflation Reduction Act – and an election that yielded better-than-expected results for advocates of climate solutions. President Biden said so in his speech at the end of the first week. The Biden administration released additional proposed rules and relief packages that strategically target a few key goals: committing to reducing methane emissions, mobilizing the federal government’s vast spending power to promote SBTi commitments, and committing more than $150 million of capital for a resilient Africa.
One of the highlights of COP27 for me personally was moderating a panel at the America Is All In Action Center, which featured White House Council on Environmental Quality Chairwoman Brenda Mallory, Gov. Jay Inslee of Washington, and Mayor Libby Schaaf of Oakland, California , attended. We see a strong commitment from non-federal leaders in state and local governments, academic, cultural and religious institutions, and indigenous peoples to take the resources they can get and convert them into effective and equitable climate action. In the US, we look forward to seeing how the Inflation Reduction Act drives climate change forward.
As for the proposal for global action on climate change, COP27 ends with a sense of stagnation and a lack of progress on the required outcomes. As this “decade of implementation” passes, we desperately need more ambition, more commitment and more action. We cannot leave it alone to create a fund for the end of the world. It must be the beginning of us taking our future into our own hands.