The COP27 summit of nearly 200 countries agreed on Sunday to set up a 'loss and damage' fund to support poorer countries being ravaged by climate impacts, overcoming decades of resistance from wealthy nations whose historic emissions have fuelled climate change.
An attendee poses for a picture near a model earth during the COP27 climate summit in Sharm el-Sheikh, Egypt November 19, 2022. REUTERS/Mohamed Abd El Ghany
But the text of the agreement leaves open a number of crucial details to be worked out next year and beyond, including who would contribute to the fund and who would benefit.In U.N. climate talks, "loss and damage" refers to costs being incurred from climate-fuelled weather extremes or impacts, like rising sea levels.
But there is no agreement yet over what should count as "loss and damage" caused by climate change - which could include damaged infrastructure and property, as well as harder-to-value natural ecosystems or cultural assets. A few governments have made relatively small but symbolic funding commitments for loss and damage: Denmark, Belgium, Germany and Scotland, plus the EU. China has not committed any payment.
The deal lays out a roadmap for future decision-making, with recommendations to be made at next year's U.N. climate summit for decisions including who would oversee the fund, how the money would be dispersed – and to whom.
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