Depending upon who you ask, COP27, the latest annual global summit on climate change that ended Saturday after a final all-night negotiation session, was either a disappointing failure or an unprecedented success.
The marathon negotiations yielded one victory: richer nations finally agreed to establish a fund to compensate poorer countries for losses due to climate change, an action developing nations had been pushing for for 30 years. But the annual summit failed to advance global ambitions to curtail carbon emissions.
