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This lecture covers the recent outcomes of COP27, including the establishment of a Loss and Damage fund, the 1.5°C goal status, and the importance of low-emission technology. It also delves into the concept of carbon budgets, metrics, and the Global Carbon Project's findings on remaining carbon budgets. The discussion extends to the challenges of reducing emissions, the impact of different gases, and the Kyoto Protocol's role in global warming potential. Various metrics like GWP and GTP are explained, emphasizing the need for accurate measurements to achieve climate goals.