COP27 closes with the deal on loss and damage: ‘A step towards justice, says UN chief
Countries reached an agreement on an outcome that established a funding mechanism to compensate vulnerable nations for “loss and damage” from climate-induced disasters after days of intense negotiations that stretched countries at the latest UN Climate Change Conference, COP27.
“This COP has taken an important step toward justice.” “I welcome the decision to establish a loss and damage fund and to operationalize it in the coming period,” UN Secretary-General António Guterres said in a video message from the conference venue in Egypt, emphasizing the importance of hearing the voices of those on the frontlines of the climate crisis.
Developing countries made strong and repeated appeals for the establishment of a loss and damage fund, to compensate the countries that are the most vulnerable to climate disasters, yet who have contributed little to the climate crisis.
The combat against climate change continues
Mr. Guterres reminded the world of the world’s priorities in climate action, including the ambition to reduce global greenhouse gas emissions while maintaining the Paris Agreement’s 1.5-degree Celsius limit and pulling humanity “back from the climate cliff.”
The UN chief also emphasized the need to make good on the long-delayed promise of $100 billion a year in climate finance for developing countries, establishing clarity and a credible roadmap to double adaptation funds.