The cost of living crisis means world leaders will shun taking any action on climate change

The COP27 climate summit has the potential to be one of the most controversial and cantankerous in years. For the first time, the richer nations have agreed to discuss the possibility of making payments to the less wealthy countries to help them weatherThese payments would be in addition to providing finance to help developing countries cut emissions But “loss and damage” payments controversially amount to compensation, or to use a more loaded word, reparation.

To agree to them the developed world would need to accept liability for climate change. The sums that could potentially be paid are eye watering – annual damages from climate change are expected to hit $1trn by 2050. The cost of living crisis and inevitable cuts in public spending mean that for the UK the timing could barely be worse.

So whether they agree with the principle of loss and damage payments or not, Rishi Sunak and other world leaders know it would be politically unpalatable to agree anything significant over the next two weeks.

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