Nations agree a historic fund for climate 'loss and damage'
At COP27 in Egypt, countries established a fund to help vulnerable nations cope with climate disasters.
Nations reached a historic agreement at the COP27 climate summit in Egypt this November to establish a fund to help vulnerable countries cope with the "loss and damage" caused by climate disasters, a long-sought breakthrough for the developing nations bearing the brunt of a crisis they did little to create.
The question of loss and damage — compensation and support for the irreversible harm caused by climate impacts such as rising seas, droughts and extreme storms — had been one of the most contentious and emotionally charged issues in climate negotiations for decades, long resisted by wealthy nations wary of open-ended liability.
The agreement to create a dedicated fund marked a significant shift, and a victory for the poorer and more vulnerable countries that had campaigned tirelessly for it, arguing that justice demanded that those most responsible for emissions help those most harmed.
Crucial details, however, were left for future negotiations: which countries would pay into the fund, how much, and which would be eligible to receive support. These questions promised further difficult talks.
The summit was otherwise widely seen as disappointing on the core goal of cutting emissions, failing to significantly raise ambition and leaving the 1.5-degree target in peril. But the establishment of the loss and damage fund was a landmark, acknowledging at last the principle that the rich world bears a responsibility to help the poor cope with a crisis driven overwhelmingly by the emissions of the wealthy.