COP27: Countries at the 27th United Nations Climate Change Conference (COP27) agreed to create a fund to compensate poor nations that are victims of extreme weather. The deal is a victory for poorer nations who have been leading a pushback against rich nations who are large contributors to carbon emissions. The ‘loss and damage’ fund was set up by developed and developing countries in the final hours of the COP27 summit on Sunday.
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Cash for poor nations
However, as rich nations still want developing nations to cut down emissions, an overall larger agreement still was up in the air. The deal will ensure cash for poorer nations who have to deal with devastating floods, droughts, heat waves, famines and storms despite having far less contribution to global warming.
“This loss and damage fund will be a lifeline for poor families whose houses are destroyed, farmers whose fields are ruined, and islanders forced from their ancestral homes,” an official of an environment organisation said.
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Happy with the deal
Germany climate envoy Jennifer Morgan and Chilean Environment Minister Maisa Rojas, who shepherded the deal on to the agenda and to the finish line, appeared happy as they hugged each other after passage and posed for a photo.
According to the agreement, the fund would initially draw on contributions from developed countries and other private and public sources such as international financial institutions, reports said.
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