It is expected that the world will slip into recession in 2023. Several countries are already on the brink of recession. For example, UK GDP contracted and Bank of America's strategists said the US could fall into a recession in the first quarter of 2023. According to its survey, it was found that 91% of CEOs of top companies expect a recession in 2023.
The most noteworthy outcome of COP27 is the establishment of a fund for loss and damage caused by extreme weather events or climate change. A transition committee will look at what type of funds are needed and from where the money will flow.