COP27 approves breakthrough agreement on new fund for vulnerable countries
(VOVWORLD) - Counties at the United Nations COP27 climate summit have agreed to set up a “loss and damage” fund meant to help vulnerable countries cope with climate disasters, in a landmark deal early Sunday morning in Sharm el-Sheikh, Egypt.
 UN Secretary-General António Guterres (L) and Egypt Foreign Minister Sameh Shoukry, COP27 President during a press conference on November 17, 2022 (Photo: AFP/VNA) |
This fund will be a lifeline for poor families whose houses are destroyed, farmers whose fields are ruined, and islanders forced from their ancestral homes. 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.
Calls by developing countries for such a fund have dominated the two-week summit, pushing the talks past their scheduled finish on Friday.