UN climate summit adopts ‘loss and damage’ fund

UN climate summit adopts ‘loss and damage’ fund

The UN's COP27 climate summit approved on Sunday the creation of a special fund to cover the damages suffered by vulnerable nations battered by the impacts of global warming.

The two-week talks have whiplashed between fears the process could collapse, to hopes of a major breakthrough on a fund for climate "loss and damage".

Delegates applauded after the fund was adopted in the middle of the night following days of marathon negotiations over the proposal.

Collins Nzovu, Zambia's minister of green economy and environment, said he was "excited. Very, very excited."

"This is a very positive result from 1.3 billion Africans," he told AFP.

"Very exciting because for us, success in Egypt was going to be based on what we get from loss and damage."

The plenary, however, still has to approve a range of decisions and the final COP27 statement covering a host of other contentious issues, including a call for a "rapid" reduction in emissions in order to meet the aspirational goal of limiting global warming to 1.5 degrees Celsius from pre-industrial levels.

The session took a break as Switzerland requested more time to review the text.

An informal coalition of "high ambition" countries called for strong language on cutting emissions, moving away from planet-heating fossil