'The fund for the landmark deal would initially come from the contributions of developed countries and other private and public sources such as international financial institutions.'
a big win for poor countries most affected by the impacts of extreme weather that have long called for global efforts to address loss and damage.
Pakistan’s Climate Minister Sherry Rehman said reaching a “historic consensus” on the establishment of a loss and damage fund was a response to “the voices of the vulnerable, the damaged, and the lost of the whole world.” She added: “We have struggled for 30 years on this path and today, in Sharm El-Sheikh, this journey has achieved its first positive milestone. The loss and damage fund is not about dispensing charity. It is clearly a down payment on the longer investment in our joint futures.
“In many ways we’re talking about reparations,” said University of Maryland environmental health and justice professor Sacoby Wilson. “It’s an appropriate term to use because the rich northern countries got the benefits of fossil fuels, while the poorer global south gets the damage in floods, droughts, climate refugees and hunger.”
The victory of vulnerable countries notwithstanding, many delegates were upset that little progress was made on other major COP27 goals, including stronger commitments to curb the use of fossil fuel and to limit warming to 1.5C by the end of the century. For example, Kausea Natano, prime minister of the Pacific island nation of Tuvalu, one of the places most threatened by rising sea levels, condemned the lack of agreement on limiting emissions and fossil fuels.
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