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How EY can help
The fund will help developing countries recover from the effects of climate change they are already suffering. While these countries have long had access to financial aid to cut carbon or adapt to global warming, previously there was nothing, for example, for those who lost their homes due to flooding as a result of climate change.
Many details will still need to be ironed out and it may take a while before the fund starts working. It remains to be seen what the criteria for pay-outs are and few rich countries have so far made cash pledges to the fund.
2. Phasing out fossil fuels
The Emissions Gap Report 2022: The Closing Window released by the United Nations Environment Programme warns that action on the climate crisis to date has been inadequate and calls for rapid transformation of societies as the international community is falling far short of pledges to honour the Paris goals, with no credible pathway to 1.5°C in place.
A number of developed countries and larger economies have proposed more concrete steps that would see greenhouse gas emissions peak in 2025, but then limit the global temperature rise in line with the Paris Agreement. However, at the conclusion of COP27, there was no commitment made to phase out the use of fossil fuels.