COP27, the latest United Nations Conference of the Parties, concluded recently with mixed results on some of the key agenda items. In AllianceBernstein's view, though, the event will be remembered more for the way it shifted the global climate-change debate.

For the first time in recent years, emerging nations were front and center at the conference, shaping the agenda and receiving clear recognition of their importance in the world’s response to climate change. As one speaker put it, “The battle for climate change will be won or lost in Asia, the Middle East and Latin America.”

The biggest impact may have been from forcing two key topics onto the agenda. The first is adaptation – the need for countries, industries and consumers to prepare for further physical impacts from climate change, adjusting their behaviors accordingly. The second topic is loss and damage, which touches on accountability for adverse climate impacts. In fact, emerging nations successfully fought to include a roadmap to a loss-and-damage fund in the COP27 agreement.

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