COP27 summit adopts loss, damage fund to help poor countries amid climate disasters
The COP27 UN Climate summit has reached a breakthrough agreement on establishing a fund to help poor countries affected by climate disasters and vulnerable to the adverse effects of climate change.
Representatives of nearly two hundred nations participating in the summit termed the agreement a step forward in the fight against climate change.
The COP27 draft agreement reaffirms limiting global warming to 1.5 degrees Celsius to prevent the worst effects of climate change.
A historic United Nations deal struck on funding to help vulnerable countries cope with the effects of climate change is a “pivotal step” towards justice, Prime Minister Shehbaz Sharif said Sunday.
“The establishment of loss & damage fund at the UN climate summit is the first pivotal step towards the goal of climate justice. It is up to the transitional committee to build on the historic development,” he tweeted.
In a series of tweets, meanwhile, Sherry Rehman, the minister for climate change in Pakistan, termed it the “first step in reaffirming the core principles of climate justice”.
She wrote, “It’s been a long 30-year journey from demand to the formation of the loss and damage fund for 134 countries. We welcome today’s announcement and joint text hammered out thru many nights.”
The minister stated now that the fund has been established, the country looks forward to it being operationalized, to actually become a robust body that is able to answer with agility to the needs of the vulnerable, the fragile & those on the frontline of climate disasters.
The announcement offers hope to vulnerable communities all over the world who are fighting for their survival from climate stress. And gives some credibility to the COP process. Now it’s up to the transitional committee to move it forward by December 2023 as decided.
“Deeply appreciate the long hours, and commitment put in by our dedicated teams of group chairs, SIDS, AILAC, LDCs, LMDCs, AIOSIS, our Amb Nabeel + teams for G 77 + China, civil society champions for holding the line and delivering the unity needed at such a pivotal moment in history,” Rehman noted.