The COP 27 in Sharm El Sheik has closed without major steps forward in the global commitment to combat climate change. Several reasons contributed to the modest outcome of the summit. First of all, the increase in energy prices following the war in Ukraine has slowed the efforts of many countries towards the energy transition, which itself would require a progressive increase in the cost of fossil fuels that today is difficult to sustain. Added to this is the inflationary wave connected to the growth of public debt that almost all the economies of the planet fueled to get out of the Covid-19 crisis.

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