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Much of the global south is on the front lines of climate change, and countries are calling on the global north to help fund the fight. At the 2021 United Nations climate change summit (or COP26), countries like the United States, United Kingdom, Germany, France, and the European Union launched the Just Energy Transition Partnership by pledging South Africa $8.5 billion to help it move away from fossil fuels in a just and equitable way. Although this is certainly a step in the right direction, the scale of funding required to move the global community to a greener economy is immense. And developing countries typically lack the resources to make this change alone.

This week, Heat of the Moment revisits COP27—held last year in Sharm el-Sheikh, Egypt—where Foreign Policy and the Climate Investment Funds convened a panel on just this question. Foreign Policy’s editor in chief, Ravi Agrawal, was joined by Climate Investment Funds CEO Mafalda Duarte; former British COP26 envoy John Murton; U.S. Treasury Department Climate Counselor John Morton; and Rodrigo Ventura, an advisor at the National Council on Climate Change and Clean Development Mechanism in the Dominican Republic.

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COP27 Roundtable: Financing a Just Transition in the Global South