The deal would create a specialized fund to help compensate third-world countries for “loss and damage” – excessive harm caused by natural disasters and extreme weather due to climate change. While the details are still being fleshed out, Aminath Shauna, the environment minister for the Maldives, told AP that there was “an agreement on loss and damage.”
“That means for countries like ours we will have the mosaic of solutions that we have been advocating for,” Shauna added.
New Zealand’s climate minister, James Shaw, echoed a similar sentiment, saying all sides had, in effect, come to an agreement. Shaw told AP that both the countries that would provide funding and the countries that would receive funding had been finalized, though a full list has not been released.