- The United Nations (UN) published a draft text of a loss and damage finance place for developing countries. The draft document outlines a two-year process where developed countries will decide how to provide loss and damage funding. After two years, provider countries will either establish a funding arrangement, possibly a UN funding facility, by November 2024, or will delay until 2023 a decision on what the UNFCCC’s role would be in loss and damage funding.
- Delegates are still negotiating the draft’s contents. COP 27 President Sameh Shoukry told the summit that he wanted members to produce a fully developed plan with “meaningful outcomes” by Friday. However, there are some rumors that the event will be extended into the weekend to give parties more time to agree.
- This past weekend, U.S. special climate envoy John Kerry said that the U.S. would not consider such a plan. “This is just not happening,” he asserted, pointing to three preexisting funding mechanisms including those he felt already addressed the issue.
- Over the weekend at the Group of 20 (G20) summit, Chinese President Xi Jinping agreed to resume climate change talks with President Biden. This comes three months after Jinping halted talks in protest of Speaker Nancy Pelosi’s trip to Taiwan.
- Since the two countries are the world’s number one and number two emitters, experts see talks between China and the U.S. as crucial to managing climate change.
- Germany and the Group of Seven (G7) launched the Global Shield initiative to help developing countries rebound after climate-caused natural disasters. Germany donated 170 million euros to the facility, which will go towards strengthening social protection schedules and climate risk insurance.
- While some groups have praised the initiative, others have expressed worry about its feasibility or are concerned that it could detract from loss and damage funding. German officials say that they see the program as a complement to loss and damage talks.
- Pakistan, Ghana and Bangladesh will reportedly be the first recipients of funding from the new program.
- Delegates have not made much progress on developing an international carbon market under Article Six, with plan drafts reportedly riddled with blank spaces. Already, countries agreed to delay deciding on what types of projects can produce carbon credits under Article Six until 2023.
- However, experts say that Tawain, who is not a UN member, could be included in the market through the use of Internationally Transferable Mitigation Outcomes (ITMOs) to offset their emissions.
- Brazil, Indonesia and the Democratic Republic of Congo, the host countries of three of the biggest rainforests in the world, formed a strategic alliance to coordinate their rainforest protection efforts. They released a joint statement calling for payments from developed countries to reduce deforestation and preserve biodiversity.
- The newest edition of the Climate Change Performance Index (CCPI), CCPI 2023, was released. The report ranks the 59 largest emitters worldwide. Chile, Morocco, India and Scandinavian countries led the pack in emissions reductions.
- This comes as India approved a new national climate plan that features a 2070 net zero goal.
- European Union (EU) chief Frans Timmerman promoted hydrogen as a way for Africa to make its green transition as an EU-hosted side event.
- He said, “Hydrogen can be used for difficult-to-abate sectors, it is a good way to store energy and it can change the whole architecture of the energy system.”
- Several large clothing retailers announced that they will purchase over half a million tons of low-carbon alternative fibers for their products to reduce global emissions.
COP 27: Top News for the Seventh Day of Events
By: Kenneth J. Markowitz, Christopher A. Treanor, Kerry Mackenzie (Public Policy Specialist)
© 2026 Akin Gump Strauss Hauer & Feld LLP. All rights reserved. Attorney advertising. This document is distributed for informational use only; it does not constitute legal advice and should not be used as such. Prior results do not guarantee a similar outcome. Akin is the practicing name of Akin Gump LLP, a New York limited liability partnership authorized and regulated by the Solicitors Regulation Authority under number 267321. A list of the partners is available for inspection at Eighth Floor, Ten Bishops Square, London E1 6EG. For more information about Akin Gump LLP, Akin Gump Strauss Hauer & Feld LLP and other associated entities under which the Akin Gump network operates worldwide, please see our Legal Notices page.