In this article, you will get all the information regarding COP27: Historic Agreement on the Establishment of a Fund for Climate Damages
dated: 2022-11-20 05:16:06 .
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Cop27 reached a historic agreement on a fund to compensate vulnerable countries for the irreparable damage caused by the climate crisis.
The grueling two-week conference wrapped up Sunday morning in Sharm el-Sheikh, Egypt, after marathon negotiations that lasted through the night.
Exhaustion, conflict, and compromise eventually gave way to exultation over the contentious issue of loss and damage. All 197 countries agreed to establish a financial fund to support developing countries that are particularly vulnerable to climate impacts.
The Alliance of Small Island States, a group that represents some countries on the front lines of the climate crisis, celebrated shortly after the announcement.
“AOSIS has promised the world that we will not leave Sharm El Sheikh without achieving the establishment of a Loss and Damage Control Fund. A mission of thirty years has been accomplished,” read a statement by AOSIS Chairman, the Honorable Minister Molwyn Joseph of Antigua and Barbuda.
“Today, the international community has restored global confidence in this critical process aimed at ensuring that no one is left behind. The agreements reached at COP27 are a victory for our entire world.”
Delegates and journalists sleep during the last night of the marathon at Cop27 in Sharm el-Sheikh
Developing and poor countries, which suffer the worst climate impacts despite having a small carbon footprint, have been demanding to address loss and damage for decades. The issue finally made it to the Cop27 negotiations after the Egyptian presidency put it on the official agenda in Sharma.
“The work we have done here and the results we have achieved together are a testimony of our common will as a community of peoples to deliver a clear message that rings loudly today that multilateral diplomacy still works,” said Cop27 President, Egypt’s Foreign Affairs Minister Sameh Shoukry.
He spoke of “fear and despair” in Pakistan after this summer’s catastrophic floods killed more than 1,700 people and displaced tens of thousands. Mr Shoukry described it as a “sound alarm” for what lies ahead after the 1.5 degree temperature limit.
On Saturday, there was a breakthrough in establishing the fund after the United States reversed its opposition to the fund. The US has long opposed the Loss and Damage Fund for fear of legal liability, as it has historically been the world’s biggest polluter.
The talks lasted 36 hours after the conference officially ended, with countries struggling to resolve differences over key issues such as temperature targets and fossil fuels.
COP27: Historic Agreement on the Establishment of a Fund for Climate Damages
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