The US changes its position and agrees to put money into a fund that would help poorer countries fight climate change

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dated: 2022-11-20 09:32:26 .

This picture taken on November 19, 2022 shows a view of the old market in Egypt’s Red Sea resort of Sharm el-Sheikh and the Grand Mosque of al-Sahaba (Companions of the Prophet) at sunset during the COP 27 climate change conference. AHMAD GHARABLI/AFP via Getty Images

  • At the United Nations COP 27 summit, developed countries agreed to establish a “Loss and Damage” climate change fund.

  • The fund would compensate less developed countries that bear the greatest burden of climate change.

  • The deal comes after 30 years of resistance from countries like the US.

World leaders from developed countries, including the United States, agreed on Sunday to establish a fund for poorer nations at the United Nations COP 27 climate summit in Egypt, reversing 30 years of hesitation to establish such a fund, the New York Times reported.

According to the Times, a final agreement on the Loss and Damage Fund would require 24 countries to work together to agree on the details of who will contribute to the fund, who will receive the money and where the money will go — the U.S., China as one of the developing countries that would could benefit from the fund.

A provision is also added that developing countries cannot sue developed countries for these payments.

COP 27, or the Conference of the Parties, is an annual summit hosted by the UN to address the adverse effects of climate change. Following the 1992 UN Framework Convention on Climate Change, the COP has met annually since 1994, making this the 27th summit.

Since the 1992 Convention, developing countries have called for the establishment of a “Loss and Damage Fund” with UN support.

The decision will pave the way for developing countries, which are often least responsible for the impacts of climate change, to be compensated for the losses and damages they suffered because the richest countries emitted the most greenhouse gases.

Dozens of developing countries, including small island states like Vanuatu and much of Africa, pressed the rest of the world to make progress on the fund during the two-week summit. Those countries managed to put it on the official agenda of the annual COP summit for the first time, the Times reported, signaling the urgency of the deal.

Pakistan, a country that experienced record-breaking deadly floods at the end of this summer, was one of the countries that advocated for the fund.

Before this year’s summit, Scotland was the only developed nation to offer to pay money for “loss and damage” suffered by other nations. Other countries, including the US, have sidestepped the deal to avoid legal consequences – a fear experts say is unfounded.

However, developing countries in Europe reversed course during this year’s climate talks, pledging millions of dollars to help developing countries combat damages and losses from climate-related natural disasters, the Times reported. After some resistance, the US soon approved the fund.

“This announcement offers hope to vulnerable communities around the world struggling to survive due to climate change,” Sherry Rehman, Pakistan’s climate change minister, told the Times.

Read the original article on Business Insider

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The US changes its position and agrees to put money into a fund that would help poorer countries fight climate change

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