At the UN COP27 summit in Sharm el-Sheikh, Egypt, delegates from nearly 200 countries launched the Loss and Damage Fund, which aims to help vulnerable countries cope with natural disasters. agreed to establish
An early agreement on Sunday establishes a fund to address “loss and damage related to the adverse effects of climate change.”
The deal was seen as a victory for poor countries that had long sought financial assistance after facing worsening floods, droughts, heat waves, famines and storms.
The United Nations Climate Organization draft Regarding Saturday’s agreement, the parties said they would “implement new measures in addressing loss and damage, including those focused on addressing loss and damage, to assist developing countries that are particularly vulnerable to the adverse impacts of climate change.” We decide to establish a more flexible funding arrangement.” By providing new and additional resources and supporting their mobilization, ensure that these new arrangements complement and include resources, funds, processes and initiatives under and outside the Convention and the Paris Agreement. To do. ”
The Loss and Damage Fund’s primary objective is to benefit the most vulnerable countries. However, middle-income countries severely affected by natural disasters could also potentially benefit.
The draft states that a “interim committee” will make recommendations to country representatives for consideration and adoption at the next climate summit, COP29, to be held in November 2023.
These recommendations will cover “identifying and expanding funding sources”, which refers to determining which countries should pay for new funds.
The fund will initially seek funding from developed countries as well as other private and public institutions, including international financial institutions.
According to Sunday’s agreement, China, the world’s largest carbon emitter, and other major emerging economies will not be asked to contribute to the fund initially, but options will be negotiated in the future. This is an important request by the European Union and the United States. The two argued that China and other large polluting countries, now classified as developing countries, have sufficient funds and are required to pay into the fund.
According to the proposal, the Transitional Committee “will be appointed by 15 December 2022 and have 24 members, 10 from developed country Parties and 14 from developing country Parties.”
In particular, this group will consist of three members from Africa, including a representative of the COP27 Presidency. His three members from the Asia-Pacific region, including the representative of the incoming COP28 Presidency. His three members from Latin America and the Caribbean. His two members from Small Island Developing States. Two members from least developed countries. and one member from a developing country Party not part of any other category.
After the decision on the fund was approved, the meeting was adjourned for 30 minutes to allow delegates to read the text of the other bills they were to vote on.
Associated Press and Reuters contributed to this report.
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Mimi Nguyen Ly covers world news with a focus on US news. Please contact her at [email protected]