COP27 agrees to historic compensation 'loss and damage' fund
Countries have agreed to set up a historic fund to help pay for the devastating impact of climate change on poorer nations in a deal reached on Sunday.
In a historic first, countries have agreed to set up a fund to help pay for the devastating impact of climate change on poorer nations, according to a deal unveiled on Sunday after marathon talks.
“It is clearly a down payment on the longer investment in our joint futures,” said Sherry Rehman, environment minister of the flood-hit Pakistan.
Who exactly who will pay for the fund and how it will operate remained undecided on Sunday. A committee of 24 members, 10 from developed nations and the rest from developing countries, will first convene in March of next year and will make recommendations on the fund’s arrangements to be considered during next year’s COP summit.
And while the compensation fund is widely viewed as a breakthrough, much of the final agreement reached at the United Nations environmental summit, known as COP27, in the Egyptian Red Sea resort city of Sharm el-Sheikh was focused on addressing the impact of burning fossil fuels instead of addressing the root cause of climate change.