(Photo: Twitter/@Cop27)
COP27, the UN Climate Change Conference this year has just ended in Sharm el-Sheikh, Egypt with a groundbreaking but highly contentious decision: A 'Loss and Damage Fund' would be created to help vulnerable countries hit hard by climate disasters.
Creating a specific fund for loss and damage marked an important point of progress, with the issue added to the official agenda and adopted for the first time at COP27. This would involve wealthy nations compensating developing states for the effects of climate change, especially droughts, floods, cyclones, and other disasters.
Most analysts have been quick to point out there's still a lot yet to clarify in terms of donors, recipients, or rules of accessing this fund. It's not clear where funds will actually come from, or whether countries such as China will contribute, for example.
This year, COP27 brought together more than 45,000 participants to share ideas and solutions, and build partnerships and coalitions. Indigenous peoples, local communities, cities, and civil society, including youth and children, showcased how they are addressing climate change and shared how it impacts their lives.
* About COP27
COP27 is the annual United Nations meeting of the 197 countries that have agreed to the UN Framework Convention on Climate Change, originally adopted in 1992. The meeting is the decision-making body of the countries that signed onto the framework, and it is held to assess how well nations are dealing with climate change.
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1. COP27 Official News
2. COP27 Latest: Talks End With Compensation Deal, Emission Concern - Bloomberg (Nov 20, 2022)
3. COP27: What have global leaders done on climate change in 2022 - BBC (Nov 21, 2022)
4. Key takeaways from the COP27 climate summit in Egypt - Reuters (Nov 22, 2022)
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