COP27 strikes historic deal to fund damages

COP27 strikes historic deal to fund damages

SHARM EL-SHEIKH: A fraught UN summit wrapped up Sunday with a landmark deal on funding to help vulnerable countries cope with devastating climate impacts – but also anger over a failure to be more ambitious on cutting emissions. The two-week talks in Egypt’s Red Sea resort of Sharm el-Sheikh, which at times appeared to teeter on the brink of collapse, delivered a major breakthrough on a fund for climate “loss and damage”.

Pakistani climate minister Sherry Rehman said COP27 “responded to the voices of the vulnerable”. “We have struggled for 30 years on this path, and today in Sharm el-Sheikh this journey has achieved its first positive milestone,” she told the summit. Tired delegates applauded when the fund was adopted as the sun came up Sunday following almost two extra days of round-the-clock negotiations.

But jubilation over that achievement was countered by stern warnings. UN chief Antonio Guterres said the talks had “taken an important step towards justice” with the loss and damage fund, but fell short in pushing for the urgent carbon-cutting needed to tackle global warming. “Our planet is still in the emergency room,” Guterres said. “We need to drastically reduce emissions now and this is an issue this COP