US agrees to help poorest countries tackle climate change at COP 27

  • At the UN COP 27 summit, developed countries agreed to establish a climate change fund for “loss and damage”.
  • The fund would compensate less developed countries that bear the brunt of climate change.
  • The agreement comes after 30 years of backsliding by countries like the United States.

World leaders from developed countries, including the United States, agreed on Sunday to create a fund for the poorest countries at the United Nations COP 27 climate summit in Egypt, reversing 30 years of hesitation to create a such fund, reported the New York Times. .

According to the Times, the final agreement for a “loss and damage fund” would require 24 countries to work together to organize the details of who will contribute to the fund, who will receive the funds and where the money will go – the United States is seeking to exclude China as one of the developing countries that could benefit from the fund.

It also adds a stipulation that developing countries cannot sue developed countries for these payments.

COP 27, or the Conference of the Parties, is an annual summit organized by the UN to address the adverse effects of climate change. Following the United Nations Framework Convention on Climate Change in 1992, the COP began meeting annually since 1994, making this summit the 27th.

Since the 1992 convention, developing countries have demanded that a “fund for loss and damage”, facilitated by the UN, be set up.

This decision will pave the way for developing countries, which are often least responsible for the effects of climate change, to be compensated for the losses and damages they have suffered because the richest countries emit the most greenhouse gases. Greenhouse.

Dozens of developing countries, including small island nations like Vanuatu and much of Africa, pressed the rest of the world during the two-week summit to push the fund forward. Those countries managed to put it on the official agenda for the first time at an annual COP summit, the Times reported, signaling the urgency of the deal.

Pakistan, a country that experienced record deadly floods in late summer this year, was one of the countries that lobbied for the fund.

Ahead of this year’s summit, Scotland was the only developed country to offer to start investing in the “loss and damage” of other nations. Other countries, including the United States, have circumvented the deal to avoid legal repercussions – a fear that experts say is unfounded.

However, developing countries in Europe reversed course during this year’s climate talks, pledging millions of dollars to help developing countries combat damage and losses from climate-induced natural disasters. , reported the Times. After some setback, the United States quickly accepted the fund.

“The announcement offers hope to vulnerable communities around the world struggling to survive in the face of climate stress,” Sherry Rehman, Pakistan’s climate change minister, told The Times.

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