Deal reached at COP27 to pay poorer nations for destruction caused by climate change
have agreed to set up a “loss and damage” fund meant to help vulnerable countries cope with climate disasters.
On Sunday morning, many campaigners praised the breakthrough on the loss and damage fund, which will create a pot of funds, paid for by developed countries and other private and public sources such as international financial institutions, which poorer countries impacted by climate disasters can claim. But others warned progress towards averting a global catastrophe was still too weak.
“Next year, the Government is supposed to produce its adaptation report and policy. We’ll be looking for a very, very much better report than anything we’ve had up to now.” The summit in Egypt had promised to highlight the plight of poor countries facing the most severe consequences from global warming caused mainly by wealthy, industrialised nations.
It instead called on countries to take steps toward “the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies,” as agreed at the COP26 Glasgow summit.
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