Establishment of the loss and damage fund and development in Article 6 of the Paris Agreement were among the major developments in this year’s conference.

On November 20, 2022, the 27th annual Conference of Parties (COP27) of the United Nations Framework Convention on Climate Change (UNFCCC), ended in Sharm El-Sheikh, Egypt. After a year of diplomacy by the Egyptian presidency, strenuous informal work before COP27, two weeks of highly complex technical and political negotiations, and attempts to break the negotiation stalemates, nearly 200 countries agreed on the Sharm el-Sheikh Implementation Plan. The plan includes several decisions: a historical outcome on the establishment of a Loss and Damage Fund (defined below), a mitigation work program, the Global Goal on Adaptation, further guidance on the operationalization of Article 6 of the Paris Agreement on international carbon markets, and the overarching “cover decisions” — the high-level political section of the COP.