COP 27 will take place in Sharm El-Sheik in Egypt between 6-18 November 2022.
Climate finance is local, national and transnational financing, from whatever source, that seeks to help the mitigation and adaptation actions that address climate change. Mitigation is the actions that will lower emissions, while adaptation is the actions that help communities or countries deal with the inevitable consequences of climate change.
The money was also supposed to be split equally between mitigation and adaptation. But a much greater percentage, probably around 75%, has been spent on mitigation. The good news was that money was raised specifically for the Adaptation Fund, and the Least Developed Nations Fund, to help countries become more resilient.
The JET-P promised South Africa US$8.5-billion in financing to aid the move away from fossil fuels, without damaging the economy or putting thousands out of work. The deal is with a group of nations including the US, the UK and members of the European Union. Negotiations have been taking place throughout the year to finalise details of the deal, but the agreement is far from done.
Climate change is a scam