Nov 20 • 5M

Dawn Chorus: Climate fund agreed

Chaotic COP27 ends late with climate compensation fund, but no fossil fuel phaseout; Luxon calls wrap-around services "kumbaya and mush"; Brown wants to stop speed reductions; RBNZ to hike 75 bps

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Bernard Hickey
The latest daily snapshot of the news, detail, insight and analysis on geo-politics, the global economy, business, markets and the local political economy for citizens and decision-makers of Aotearoa-NZ.
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TLDR: The COP27 conference ended overnight with a breakthrough agreement to create a climate “loss and damage” compensation fund, but there remained deep frustration over a failure to set a date to phase out fossil fuels because of opposition from Saudi Arabia and Russia.

COP attendees failed again to set a final date for the use of fossil fuels. Photo: Lynn Grieveson/Getty Images

Elsewhere in the news overnight and this morning here and overseas:

  • Christopher Luxon doubled down on National’s ‘anti-woke’ policy rhetoric, describing ‘wrap-around’ services as “kumbaya and mush”;

  • National’s Transport culture-warrior-in-chief, Simeon Brown, pledged to reverse speed limit reductions aimed at improving safety; and,

  • China shut down one of Beijing’s biggest districts to contain covid.

This week I’ll be at Grant Robertson’s post-cabinet news conference this afternoon and will be covering the Reserve Bank’s last Monetary Policy Statement of the year on Wednesday. Paying subscribers can see more below the paywall fold and in the podcast above.

In Aotearoa’s political economy

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