A historic ‘Loss and Damages’ agreement was signed for poor countries affected by climate change at the COP-27 Climate Summit held in Sharm El Sheikh, Egypt. The agreement was signed late on Saturday, Reuters reported.
In this year’s COP-27 conference, world leaders have been negotiating with the aim of providing compensation to the affected poor countries. However, the detailed report on how the affected countries will get compensation has not been published in the end.
After tense overnight talks, the Egyptian COP-27 presidency released the final text for an agreement and simultaneously called a plenary session to resolve it quickly. The swift approval to create a dedicated loss and damage fund still leaves many of the fund’s controversial decisions until next year. Especially the issue of who will pay the compensation.
COP-27 President Sameh Shoukry did not object to the final agenda items due to irony. The agreement was reached at the summit venue in the Egyptian resort of Sharm el-Sheikh early Sunday morning.
Germany’s climate secretary, Jennifer Morgan, said: ‘Despite the absence of a deal on strict emissions reductions, we are sticking to the deal we have here because we want to stand by the most vulnerable.’
Delegates hailed progress in setting up the fund as climate justice, which aims to help weaker countries deal with storms, floods and other disasters caused by rich countries’ carbon emissions.