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International fund ready to compensate developing nations for climate change damage

International fund ready to compensate developing nations for climate change damage

Posted November. 21, 2022 07:40,   

Updated November. 21, 2022 07:40


The first-ever international fund of its kind will be created by the United Nations to supply “loss and damage” funds to developing nations hard hit by natural disasters such as floods and droughts, which have likely resulted from climate change. The aim is to compensate countries with lower carbon emissions for the loss they have suffered. In contrast, advanced and rich countries have caused global warming by producing large carbon emissions for the sake of industrial development for the past 100 years.

Minister of Foreign Affairs of Egypt and COP27 (27th United Nations Climate Change Conference) President Sameh Shoukry announced on Sunday that the 197 parties of the UNFCCC reached an agreement to provide loss and damage funds to developing countries. The package managed to be agreed upon at the last minute, later than the scheduled closing time of COP27, which was scheduled to proceed in Egypt from Nov. 6 until this Friday.

Discussion took place at the COP27 meeting as 134 developing nations, including Pakistan, victimized by the most disastrous flood this year, strongly called on the group to create a compensatory fund for the loss arising from climate change. Not only a worsening trend of climate change but also the food shortages following Russia’s invasion of Ukraine have aggravated their climate challenges throughout this year, they claimed.

However, the group will discuss further how the fund works, who organizes it, and which country is eligible for the fund in a committee that it will set up next year.

Eun-A Cho achim@donga.com