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This has become, sadly, a yearly ritual by now. The world’s governments gather together to discuss what should be done about global warming, and finish their time together by issuing statements of concern while doing little concrete to actually solve the problem. And so it is with COP27.

The 27th Conference of the Parties to the United Nations Framework Convention on Climate Change, to use the formal name for COP27, ended with what has the appearance of a breakthrough: An agreement on the establishment of a “loss and damage” fund for Global South countries severely affected by weather and environmental disasters triggered by global warming, and for which they bear almost no responsibility. This finally fulfills a pledge made at the 2009 Climate Summit in Copenhagen.

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Pete Dolack has been an activist with several groups, most recently Trade Justice New York Metro. He writes the Systemic Disorder blog and is the author of the books What Do We Need Bosses For?: Toward Economic Democracy and It’s Not Over: Learning From the Socialist Experiment.