The world continues to move steadily down a path that, if nothing is done, will take us beyond 1.5°C of warming within a few years. Emissions continue to break historical records and nothing agreed at COP27 gives cause for optimism about our chances of changing this path. However, the possibility has opened up to move forward on this path with greater solidarity, at least with the countries most vulnerable to the consequences of climate change. After more than 30 years of negotiations, the countries that have contributed most to climate change have agreed to create a fund to help the most disadvantaged countries.

Moreover, the distinction between developed and developing countries has been partially abandoned, and traditionally developed countries such as China have opened up to contribute to the fund. The details of how the fund will work have not been agreed, and there is no agreement on how much each country has to contribute. Moreover, given the precedent of the Paris Agreement, it is likely that each country will contribute what it sees fit, without an agreement on how to distribute the effort required. This makes it unlikely that the flow of money mobilised will be sufficient, but the mere creation of the fund is a success for the countries most affected by climate change, led by the Alliance of Small Island States (AOSIS).