COP27 negotiators agree to set up first ever fund to compensate vulnerable nations for the impacts of climate change
Delegates at the COP27 United Nations climate summit agreed to a provision setting up a loss and damage fund in a landmark deal early Sunday morning in Sharm el-Sheikh, Egypt. However, the delegation stopped short of passing the entire draft text of the agreement, as members from Switzerland asked for more time to review the full document that was released minutes before the final plenary began. The summit is currently temporarily suspended for 30 minutes while members review the text.
The tentative text says a fund will be established this year, but it leaves a lot of questions on when it will be finalized and become operational, climate experts told reporters Saturday. The text talks about a transitional committee that will help nail down those details, but doesn’t set future deadlines. “There are no guarantees to the timeline,” Nisha Krishnan resilience director for World Resources Institute Africa told reporters.
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