- Developed countries agreed at the UN COP 27 summit to create a “loss and damage” fund for climate change.
- The fund would compensate less developed countries that are most affected by climate change.
- The agreement comes after 30 years of pushing back from countries like the US.
World leaders from developed countries, including the United States, agreed on Sunday to create a fund for poorer countries at the United Nations’ COP 27 climate summit in Egypt. .
According to the Times, the final agreement for a “loss and damage fund” would require 24 countries to work together to settle the details of who will contribute to the fund, who will receive funds and where the money would go – the US is looking to exclude China as one of the developing countries that could benefit from the fund.
It also adds a provision that developing countries cannot sue developed countries for these payments.
COP 27, or the Conference of the Parties, is an annual summit organized by the UN to address the negative impacts of climate change. Following the UN Framework Convention on Climate Change in 1992, the COP has met every year since 1994, making this summit the 27th.
Since the 1992 treaty, developing countries have demanded that a UN-facilitated “loss and damage fund” be put in place.
The decision will pave the way for developing countries, often least responsible for the impacts of climate change, to be compensated for losses and damages they have suffered as a result of the richest countries emitting the most greenhouse gases.
Dozens of developing countries, including small island states like Vanuatu and much of Africa, pushed the rest of the world to move forward with the fund during the two-week summit. These countries managed to get it on the official agenda for the first time at an annual COP summit, the Times reported, signaling the urgency of the agreement.
Pakistan, a country that experienced a record number of deadly floods at the end of summer this year, was one of the countries pushing for the fund.
Before this year’s summit, Scotland was the only developed country to offer to start pouring money into the “losses and damages” of other countries. Other countries, including the US, have circumvented the agreement to avoid legal repercussions – a fear experts say is misplaced.
However, developing countries in Europe changed course during this year’s climate talks, pledging millions of dollars to help developing countries combat damage and loss from climate-induced natural disasters, the Times reported. After some resistance, the US quickly agreed to the fund.
“The announcement offers hope to vulnerable communities around the world struggling to survive climate stress,” Sherry Rehman, Pakistan’s climate change minister, told the Times.