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This lecture discusses the current status of climate negotiations at COP27, focusing on loss and damage funding, climate finance, and the role of oil and gas reserves in developing countries. It also covers the Paris Agreement's goal to limit global warming, the carbon budget for staying below 1.5°C or 2.0°C, and the implications of different emission scenarios. The lecture explores the concept of tipping points in the climate system and the potential impacts of exceeding them, emphasizing the urgency of reducing emissions to avoid irreversible damage.