BIG news from COP27: $100 billion fund to support developing countries approved

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COP27 Summit: Beginning with a shocking reminder that humanity is on the “highway to climate hell”, the 27th Conference of the Parties (COP 27) ended on a positive note, with a much-delayed and long-awaited $100 billion Every year was promised. was approved in Climate Finance for Developing Countries. The fund is intended to assist developing countries that have contributed little to the climate crisis and are still vulnerable to the adverse effects of climate change.

For years, and even at COP 27, developing countries made strong and repeated appeals for the establishment of a Loss and Damage Fund. India, being one of the developing countries, is focusing on climate finance, technology transfer and capacity building.

The COP is the United Nations’ annual summit on environment and climate change, where world leaders come together to discuss and work towards climate change.

The 27th edition of the conference was scheduled between 6-18 November 2022 in Sharm el-Sheikh, Egypt. However, intense negotiations lasted until the morning of 20 November, when the countries reached an agreement at the United Nations Climate Change Conference. The outcome which established a funding mechanism to compensate vulnerable people for ‘loss and damage’ from climate-induced disasters.

After the November 18 deadline passed, negotiators were finally able to reach conclusions on a diverse agenda, including a loss and damage facility, as well as a commitment by the next COP in 2023 to establish a financial support structure for the most vulnerable. Finance target after 2025.

“This COP has taken an important step towards justice,” UN Secretary-General Antonio Guterres said in a video message. I welcome the decision to set up the Loss and Damage Fund and make it operational in the coming days. Of course, it may not be enough, but it is a much-needed political signal to rebuild broken trust.

What is Loss and Damage Fund?

Human-induced climate change, including more frequent and intense extreme events, has led to some irreversible effects as natural and human systems are pushed beyond their ability to adapt. Loss and damage arising from the adverse effects of climate change include those related to extreme weather events but also those of a slower onset, such as sea level rise, rising temperatures, ocean acidification, glacial retreat and related impacts , salinity, land and forest degradation, loss biodiversity and desertification.

In COP 19, the Warsaw International Mechanism for Loss and Damage was established. Since then, it has been serving as the main catalyst under the UNFCCC process, enhancing knowledge, coherence, action and support to reduce, mitigate and address loss and damage associated with climate change impacts in developing countries. For those who are especially sensitive to adverse effects. of climate change.

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