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The COP27 negotiations concluded on 20 November. The outcome of the conference can be considered relatively positive. The 1.5°C goal was reaffirmed in the final decision. But the proposal to add language on the phase-down of all fossil fuels was not included, neither was higher ambition in terms of peaking of emissions by a specific date (i.e. 2025) The decision urges developed countries to meet the 100 billion goal and affirms the need for a transformation of the global financial system including reforming Multilateral Development Banks.