Developing nations that are affected by climate change-driven crises will receive assistance through a fund that was agreed upon at the Cop27 climate summit. However, the establishment of a wider agreement on additional efforts to battle global warming was delayed.
The drawn-out negotiations that lasted through the night ended with the Egyptian Cop27 presidency releasing a draft text for a comprehensive agreement and immediately scheduling a Cop27 plenary session to vote on it.
The plenary session approved the text’s provision to establish the “loss and damage” fund to assist developing countries in dealing with the immediate costs of climate-related disasters such as storms, floods, and droughts.
The UAE will host COP28 in 2023, at which point a “transitional committee” will propose how the fund’s details should be implemented.
Developing nations dominated the climate talks in Egypt, pushing the two-week negotiations beyond their scheduled end on Friday, in their calls for a loss and damage fund.
Image Credit: AP Photo/Thomas Hartwell