The climate conference decides to set up the “Losses and Damages” fund
Negotiators at the World Climate Conference in Egypt agreed early Sunday to set up a long-awaited “Loss and Damage” fund to compensate countries hit by the impacts of climate change.
The agreement comes as part of the partial approval of a draft final declaration for the conference in the Egyptian coastal town of Sharm el-Sheikh.
The two-week conference, known as COP27, was due to end on Friday but has been extended to Sunday in hopes of progress.
The necessary approval of the document is still pending.
One of the most sensitive issues at the two-week conference was paying compensation for damage caused by climate change to poor countries.
The deal is seen as a major victory for poor countries, who often bear the consequences of climate change despite contributing less to its creation.
The approval came during a plenary session and drew applause from the delegates.
Developing countries have long pushed for a financing mechanism to address climate damage in low-income countries, a demand rich countries have resisted for years.
The decision to set up a fund to compensate countries affected by the effects of climate change received immediate recognition.
United Nations Secretary-General António Guterres praised the establishment of a fund to compensate countries hit by the effects of climate change.
Guterres said in a statement that delegates to the global climate conference known as COP27 had taken “an important step towards justice.”
Pakistani Climate Minister Sherry Rehman said the fund was “a price tag for investing in our common future”.
However, Frans Timmermans, the European Union’s climate chief, criticized the result.
“What we have is not enough to move forward for people and planet,” he said in the closing session.
He added that the finding does not address the “widening gap between climate science and our climate policies.”
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