Countries agreed early Sunday at the COP27 climate summit to set up a fund to help poor countries being battered by climate disasters, but delayed approving a wider deal outlining global resolve to fight climate change.
to set up a fund to help poor countries being battered by climate disasters, but delayed approving a wider deal outlining global resolve to fight climate change.
The session approved the text's provision to set up a "loss and damage" fund to help developing countries bear the immediate costs of climate-fuelled events such as storms and floods. Those recommendations would cover "identifying and expanding sources of funding" - referring to the vexed question of which countries should pay into the new fund.
Immediately after the plenary approval for the loss and damage fund, however, Switzerland called for a 30-minute suspension for time to study the new text of the overall deal - specifically the language relating to national efforts to cut climate-warming emissions, the Swiss delegate said.The document, which forms the overall political deal for COP27, needs approval from the nearly 200 countries at the climate summit in Egypt.
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