COUNTRIES AGREED ON LOSS AND DAMAGE FUND AT THE COP27 SUMMIT

COUNTRIES AGREED ON LOSS AND DAMAGE FUND AT THE COP27 SUMMIT

Countries at the COP27 summit. Countries attending the Conference of the Parties 27 Summit or the COP27 Summit in Sharm El-Sheikh, Egypt agreed to set up funds to help poor countries hit by climate disasters. However, they delayed agreeing to a broader agreement on a global commitment to combat climate change. After quite tough negotiations, the presidency of Egypt’s COP27 released the draft text for the overall agreement and concurrently held a plenary session to approve it as the final and comprehensive agreement for the UN summit.
The session approved a textual provision to set up a ‘loss and damage’ fund to help developing countries bear the direct costs of climate-triggered disasters such as hurricanes and floods. The transition committee will make recommendations for countries to adopt at the COP28 Summit in November 2023. Those recommendations will include identifying and expanding sources of funding, leading to the question of which country should pay for the new funds. Calls for such a fund have dominated the summit for roughly two weeks. The call came from developing countries.
“However, immediately following the plenary agreement for the loss and damages fund, Switzerland asked for a 30-minute suspension to study the new text of the overall agreement, in particular the language relating to national efforts to reduce climate warming emissions,” said the Swiss delegation. As for the negotiators on Saturday night (19/11/2022) local time, they were worried that the changes discussed were too late in the process. The document that forms the overall political deal for COP27 requires the approval of nearly 200 countries at a climate summit in Egypt.
In line with previous iterations, the draft does not include references required by India and several other delegates to phase out all fossil fuels. The draft instead refers to the reduction of coal alone, as agreed at last year’s summit.

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