Explainer: Who will pay for climate ‘loss and damage’? – Reuters

Explainer: Who will pay for climate ‘loss and damage’? – Reuters

SHARM EL-SHEIKH, Egypt, Nov 20 (Reuters) - 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.

Pakistan's climate minister Sherry Rehman, who was part of the campaign by developing nations to win the commitment at the two-week U.N. summit in Egypt, hailed the landmark decision as "downpayment on climate justice".

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.