COP24 (2018, Katowice): Focused on implementing the Paris Agreement; no dedicated finance mechanism; Warsaw International Mechanism (WIM) continued guiding discussions.
COP25 (2019, Madrid): Reaffirmed WIM and established the Santiago Network for technical support, but finance remained limited.
COP26 (2021, Glasgow): Launched Glasgow Dialogue on finance; strengthened Santiago Network functions; no fund yet created.
COP27 (2022, Sharm el-Sheikh): Historic agreement to create a Loss and Damage Fund; Transitional Committee formed to operationalize it; Santiago Network further advanced.
COP28 (2023, Dubai): Fund formally adopted; initial pledges announced (~USD 661 million); questions remain on long-term finance, predictability, and governance.
Assessment: Rating 3 – Neutral
Reasoning: Milestones like establishing a dedicated fund are historic, but funding is still limited, predictable long-term contributions are uncertain, and actual implementation is in early stages. Progress is mixed—structural gains exist, but real-world impact is still evolving.
Key Takeaways:
Institutional frameworks now exist (WIM, Santiago Network, Loss and Damage Fund).
Equity and climate justice are increasingly recognized.
Significant challenges remain in finance scale, predictability, and operational effectiveness.