COP27 establishes fund to deal with climate loss, damage

In what could be described as a historic moment, especially for Africa and other developing nations, parties at the United Nations Framework Convention on Climate Change Conference of the Parties (COP27) have agreed to the establishment of a loss and damage fund as part of the Sharm El-Sheikh Implementation Plan on climate change.

‘Loss and damage’ only narrowly made it into the list of the agenda for the conference for the first time after African negotiators asserted their influence.

Following the development, the new fund will see donors contribute to a global fund to save lives and livelihoods from climate change-related disasters.

The agreement saw Parties recommit to keeping the 1.5°C target for global temperature rise intact and significant progress made across the board on climate issues.

New deal

After days of negotiations, the conference finally created a facility to respond to the devastating impacts of climate change in vulnerable communities.

The loss…