COP27 Ends With Deal To Set Up Climate Disaster Fund For Poorer Nations: Here’s What You Need To Know

COP27 Ends With Deal To Set Up Climate Disaster Fund For Poorer Nations: Here’s What You Need To Know

Share to Linkedin The U. N.'s 2022 climate change conference in Sharm El Sheikh, Egypt—featuring leaders from nearly 200 nations—ended on Sunday with an agreement to set up a fund that would help poorer nations deal with climate disasters which have been blamed on decades of uncontrolled carbon emissions from developed nations. Sameh Shoukry, president of the COP27 climate summit, right, speaks during a closing plenary session ... [+] at the U. N. Climate Summit. The landmark "loss and damage" fund agreement which proponents say is an act of "climate justice" comes after developed industrial nations faced criticism for years for their role in driving up global temperatures, the impact of which was more acutely felt by poorer and more vulnerable nations. The fund will allow poorer and more vulnerable countries like small islands to be compensated for climate disasters like floods, storms, heat waves and droughts. After opposing earlier calls for such a fund, the U. S. and European nations finally agreed to a "loss and damage" fund on the condition that China should contribute to any such fund while being ineligible to receive any money from it, the New York Times reported. The exact details on how the