At the United Nations COP27 summit in Sharm el-Sheikh, Egypt, representatives from nearly 200 countries have agreed to set up a “loss and damage” fund intended to help vulnerable countries cope with natural disasters.
The agreement early Sunday will establish a fund in response to “loss and damage associated with the adverse effects of climate change.”
The deal was regarded as a win for poorer nations that have long called for monetary support after having faced worsened floods, droughts, heat waves, famines, and storms.
The United Nations climate agency published a draft proposal for the deal on Saturday, which said that parties would “Decide to establish new funding arrangements for assisting developing countries that are particularly vulnerable to the adverse effects of climate change, in responding to loss and damage, including with a focus on addressing loss and damage by providing and assisting in mobilizing new and additional resources, and that these new arrangements complement and include sources, funds, processes, and initiatives under and outside the Convention and the Paris Agreement.”…