This report focuses on discussions and decisions related to ambition, finance, loss and damage, and the Global Goal on Adaptation (GGA). It explains that, while COP27 failed to move the needle closer to the temperature goal of 1.5°C, it did result in an historic (and unexpected) decision to establish a fund and funding arrangements to respond to loss and damage for those most vulnerable to the impacts of climate change. Other significant outcomes the report addresses include agreement on institutional arrangements to operationalise the Santiago Network for Loss and Damage. A decision was also taken to establish a work programme on a just transition and, for the first time, a call was made to reform the multilateral development banks and international financial institutions, so they are aligned with the Paris Agreement and Article 2.1 (c) on making finance flows consistent with a pathway towards low emissions and climate-resilient development. Some progress was also made on the mitigation work programme, as well as on the two-year Glasgow-Sharm El-Sheikh work programme on the Global Goal on Adaptation, which is expected to conclude at COP28/CMA5 in Dubai. The report also looks at what needs to happen in 2023 to ensure COP28 further advances on these issues. The report was authored by experts with many years of experience in the UNFCCC negotiations, and features quotes and insights from ecbi’s network of negotiators and delegates who attended COP27.