COP27 reaches deal on ‘loss and damage’ funding to help climate change vulnerable nations
Countries taking part in the United Nations Climate Change Conference (COP27) reached an agreement on an outcome that established a funding mechanism to compensate vulnerable nations for ‘loss and damage’ from climate-induced disasters.
“This COP has taken an important step towards justice. I welcome the decision to establish a loss and damage fund and to operationalize it in the coming period,” UN Secretary-General António Guterres said in a video message issued from the conference venue in Egypt, underscoring that the voices of those on frontlines of the climate crisis must be heard.
The UN chief was referring to what ended up becoming the thorniest issue at this COP, shorthand for the annual Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC).
Developing countries made strong and repeated appeals for the establishment of a loss and damage fund, to compensate the countries that are the most vulnerable to climate disasters, yet who have contributed little to the climate crisis.
“Clearly this will not be enough, but it is a much-needed political signal to rebuild broken trust,” he underscored, stressing that the UN system will support the effort every step of the way.
“COP27 concludes with much homework and little time,” he said, adding “We are already halfway between the Paris Climate Agreement and the 2030 deadline.”
“We need all hands on deck to drive justice and ambition,” he said.
Next month’s UN Biodiversity Conference is the moment to adopt an ambitious global biodiversity framework for the next decade, drawing from the power of nature-based solutions and the critical role of indigenous communities.