The COP27 agreement, which nearly 200 countries signed after talks at the summit were extended through the weekend, states that transitioning to a low-carbon economy will require between US$4 and US$6 trillion in investments a year. Separately, signatories committed to creating a loss and damage fund through which wealthy countries will pay climate-vulnerable nations for harms caused by global warming. (The Logic)

Talking point: Mobilizing those funds will take “engaging governments, central banks, commercial banks, institutional investors and other financial actors,” the agreement reads. While the document doesn’t include details for how that will happen, it’s a bold acknowledgement of the scope of changes needed to keep the planet from warming more than 1.5 C, and of the key role private investors and financial institutions will be asked to play. “We have… seen the beginning of a consensus at this COP on the need to reform the private financial system in line with climate safety,” Julie Segal, senior manager of climate finance at Environmental Defence Canada, said in a statement, “and we will be watching for Canada to act on this back home.”