Conclusion of UN climate talks in Egypt
Creation of a fund for loss and damage to help poor countries suffering
The resolution was proposed by the G77 countries, China, poor countries and small island states.
Cairo, The ongoing United Nations Climate Summit in Egypt has come to an end after a long discussion on climate change with countries around the world. On this occasion, an agreement was reached to create a “Loss and Damage” fund to help poor countries affected by climate disasters. The decision to create the “Loss and Damage” fund was appreciated by many countries, including climate activists, and was called a significant step in this direction.
According to media reports, after discussing several draft agreements overnight, the decision was approved by negotiators during the closing session of COP27 which started in the morning. The “Loss and Damage Fund” was proposed by the G77 countries, China, poor countries and small island states. Economically weak countries said they will have to provide the Loss and Damage Facility at COP27.
Antonio Guterres hailed the decision
The UN chief hailed the decision to establish a “Loss and Damage” fund, describing it as a major step. He said this COP has taken an important step towards justice. UN Secretary-General Antonio Guterres, in a video message broadcast from the conference venue in Egypt, further said he welcomed the decision to establish the Loss and Damage Fund and make it operational in the near future. They also called for a credible roadmap to deliver on the long-delayed pledge of $100 billion a year in climate finance for developing countries, establish clarity and double funding for adaptation.
Tags: Antonio Guterres, The United Nations
FIRST POST: November 21, 2022, 09:18 IST