23.11.2022
Outcome of COP27: Developing countries compensate for climate disasters
Photo by: Sean Gallup / Getty Images
Some 200 countries attending the UN climate conference COP27 have agreed to create a fund to help developing countries tackle climate disasters. The issue became the most pressing during the final talks, prolonging them by a day and a half. The summit, which was due to end on Friday evening, November 18, was not over until Sunday morning.
Developing countries have been raising the issue of redress for some 30 years, calling on wealthy, industrialised countries to compensate for the damage caused by devastating storms, heat waves and drought caused by global warming. The least responsible for climate change, these countries become the most vulnerable to its effects as a result.
“An important step towards justice was taken at this conference of parties. I welcome the decision to establish a fund to cover losses and damages and its operation in the coming period,” UN Secretary-General António Guterres said.
Egyptian Foreign Minister Sameh Shoukry said the parties were working hard to establish the fund. “Despite the challenges the world is facing, we remain committed to fighting climate change and can respond together in terms of policy decisions,” Shoukry said.
The decision to establish a reparations mechanism, although a breakthrough achievement of the summit, the topic of directly financing the fund will still require further discussion.
“Obviously, it will not be enough, but it is a crucial political signal to restore the trust that has been undermined,” Guterres stressed, assuring that the UN system will support efforts every step of the way.
COP27 also managed to move forward on other equally important issues related to climate change: phasing out fossil fuels and tightening language on the need to keep global temperature rise within 1.5 degrees.
Cover photo: Dominika Zarzycka / NurPhoto / Getty Images
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