The States present at the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP-27) in Sharm el-Sheikh, Egypt, agreed to the establishment of an assistance fund for developing countries affected by climate change.
The resolution was passed unanimously at a closing plenary session on Saturday, after two weeks of tough negotiations over developing countries’ demand for compensation for loss and damage caused by climate change.
The text, adopted in a rush, underlines “the urgent need for new and additional financial resources appropriate to help the most vulnerable developing countries” in the face of the “economic and non-economic” repercussions of climate change.
A special committee will have to determine the terms of implementation of this specific financial fund, with a view to approving them at COP-28 scheduled for the end of 2023 in the United Arab Emirates.
The issue of climate “loss and damage” has become more than ever at the center of the negotiations after the devastating floods that hit Pakistan and Nigeria. This file almost spoiled the COP-207 negotiations in Sharm el-Sheikh.