COP27 strikes deal on fund for poor nations

GBNEWS24DESK//

Countries adopted a hard-fought final agreement at the COP27 climate summit early yesterday that sets up a fund to help poor countries being battered by climate disasters – but does not boost efforts to tackle the emissions causing them.

After tense negotiations that ran through the night, the Egyptian COP27 presidency released the final text for a deal and simultaneously called a plenary session to quickly gavel it through.

The swift approval for creating a dedicated loss and damage fund still left many of the most controversial decisions on the fund until next year, including who should pay into it.

Negotiators made no objections as COP27 President Sameh Shoukry rattled through the final agenda items. And by the time dawn broke over the summit venue in the Egyptian resort of Sharm el-Sheikh yesterday, delegates adopted two main texts: a final declaration and a landmark deal on climate loss and damage.

Despite having no agreement for tougher emissions reductions, “we went with what the agreement was here because we want to stand with the most vulnerable,” said Germany’s climate secretary Jennifer Morgan, visibly upset.

Delegates praised the breakthrough on setting up the fund as climate justice, for its aim in helping vulnerable countries cope with storms, floods and other disasters being fuelled by rich nations’ historic carbon emissions.

When asked by Reuters whether the goal of stronger climate-fighting ambition had been compromised for the deal, Mexico’s chief climate negotiator Camila Zepeda summed up the mood among exhausted negotiators.