COP27 summit agrees for establishment of ‘Loss & Damage Fund’

At the COP27 climate summit in Egypt, the voice of the acutely affected communities was finally heard and parties agreed to establish Loss and Damage Fund to help countries affected by adverse effects of climate change.

Parties at conclusion after two-week negotiations, agreed to establish fund and implementation plan on agenda.

Meanwhile, the UN Secretary General Antonio Guterres in a tweet welcomed the decision saying COP27 has taken an important step towards justice.

He said clearly this will not be enough but it is a much needed political signal to rebuild broken trust.

The summit’s Egyptian presidency released a draft text of the overall agreement today and called a plenary session to push the document through as the final agreement for the UN summit. 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.

Source: Radio Pakistan