COP27 summit agrees to “Loss and Damage” funding mechanism
Countries at the latest UN Climate Change Conference, COP27, reached agreement after days of intensive negotiations that stretched into early Sunday morning in Sharm el-Sheikh.
According to Reuters on November 20th , Countries adopted a hard-fought final agreement at the COP27 climate summit early on Sunday that sets up a fund to help poor countries being battered by climate disasters – but does not boost efforts to tackle the emissions causing them.
After tense negotiations that ran through the night, the Egyptian COP27 presidency released the final text for a deal and simultaneously called a plenary session to quickly gavel it through.
“This COP has taken an important step towards justice. I welcome the decision to establish a loss and damage fund and to operationalize it in the coming period,” UN Secretary-General António Guterres said in a video message issued from the conference venue in Egypt
“Clearly this will not be enough, but it is a much-needed political signal to rebuild broken trust,” he underscored, stressing that the UN system will support the effort every step of the way.
Photo by Mohamed Abd El Ghany / Reuters