The two-week UN Climate Change 27th Conference of the Parties (COP27) ended on Sunday in the Egyptian port city of Sharm el-Sheik, with an agreement to set up a “Lost and Damage Fund” to assist developing countries to respond to the negative impact of the changing climate.
The conference, which was expected to end on Friday, was extended to Sunday to allow the delegates to untangle the nitty-gritty of the fund’s details through tough but delicate negotiations.
The sought-after solution came after African and other negotiators expressed no objection to the final text as COP27 president, Egyptian Sameh Shoukry, went through the final agenda item in the Egyptian resort city of Sharm el-Sheikh.
“I now invite the COP to adopt the decision entitled funding arrangements for responding to loss and damage associated with the adverse effects of climate change,” Shoukry told the plenary.
With this move, history was made at COP27 as the parties agreed to the establishment of the long-awaited fund for assisting developing countries that are particularly vulnerable to the adverse effects of climate change.
However, the swift approval of a dedicated fund still left many of the most controversial decisions on the fund until next year, including who should pay into it.
Delegates praised the breakthrough on setting up the fund as climate justice, for its aim in helping vulnerable countries cope with storms, floods and other disasters being fuelled by rich nations’ historic carbon emissions.