Now the world will compensate for the loss caused by climate change, agreed to create a special fund in COP27

cairo, The ongoing UN 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 has been reached to establish a ‘Loss and Damage’ fund to help poor countries suffering from climate disasters. The decision to set up the ‘Loss and Damage’ fund has been appreciated by many countries, including climate activists, and has been termed as a strong step in this direction.

According to media reports, after discussing several drafts of the deal overnight, the decision was approved by the negotiators in the COP27 closing session that began in the morning. The ‘Loss and Damage Fund’ was proposed by the G77 countries, China, poor countries and small island states. Economically weak countries had said that they will have to provide the finance facility for the loss and damage to COP27.

Antonio Guterres welcomed the decision
The UN chief has welcomed the decision to set up a ‘Loss and Damage’ fund, describing it as a major step. He said that this COP has taken an important step towards justice. UN Secretary-General Antonio Guterres, in a video message released from the conference venue in Egypt, further said that he welcomes the decision to set up the Loss and Damage Fund and make it operational in the coming times. They also called for a credible roadmap to deliver on the long-delayed promise of $100 billion per year in climate finance for developing countries, establish clarity and double adaptation funding.

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Tags: António Guterres, united nations