COP27 closes with deal on loss and damage: ‘A step towards justice’, says UN chief

COP27 wraps up its work in Sharm el-Sheikh, Egypt. (Photo via UN News)
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(United Nations News) After days of intense negotiations that stretched into early Sunday morning in Sharm el-Sheikh, countries at the latest UN Climate Change Conference, COP27, reached 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. 

Read more at: United Nations News

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