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The United Nations COP27 meeting agreed to set up a special fund to offset the losses suffered by vulnerable countries due to climate change.
After overnight intense negotiations, Egypt, the host country of the United Nations climate summit (COP27), announced the draft joint agreement this morning and held a plenary meeting to approve the agreement. Reuters information.
The meeting approved the establishment of a special fund to help offset losses suffered by developing countries due to climate-related events. The meeting was adjourned when Switzerland requested more time to consider other issues.
Many delegations at COP27 welcomed the move. Zambia’s minister for the green economy and environment, Collins Nzovu, said he was “very excited”, calling it a “very positive outcome for the 1.3 billion people of Africa”.
“When COP27 started, discussing damage and loss wasn’t even on the agenda, and now we’re making history,” said Mohamed Addo, executive director of the Kenya-based African Power Transition Policy Institute.
Model of the Earth at the Sharm El Sheikh International Conference Center Hall, Sharm El Sheikh, November 19, during COP 27. picture: AFP
The establishment of a special fund is expected to spark controversy. The Transition Council will make recommendations for national adoption at COP28 in November 2023. The proposed recommendations include “identifying and expanding funding sources”, referring to which countries should contribute to the fund.
Developing countries have repeatedly pushed for a fund that will begin discussions at COP27 on 6 November. Egyptforcing rich countries to pollute responsibly.
With the world already warming by about 1.2 degrees Celsius, the world’s recent spate of extreme weather hazards, from floods in Pakistan to droughts in Somalia, has highlighted the risks developing countries must contend with.The World Bank estimates that the period historic floods in pakistan It will cost the country about $30 billion this year.
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