Cop27 reaches ‘historic’ deal on loss and damage fund – The National

Cop27 reaches ‘historic’ deal on loss and damage fund – The National

After days of often tense negotiations, the UN climate summit in Egypt closed on Sunday with an agreement on how to tackle global warming and a milestone deal to create a dedicated fund to cover damages endured by vulnerable nations.

While the agreement on the fund won lavish praise as a “historic” deal, some countries criticised the summit's final statement for failing to commit to more ambitious goals. Many people have looked to the summit for ambitious targets and bold measures to arrest climate change.

The summit in the Red Sea resort of Sharm El Sheikh was held against a backdrop of a deadly plethora of natural disasters blamed on climate change and growing economic hardships caused by the fallout of the Russia-Ukraine war.