“Cop 27” .. “reaching an agreement” to compensate for the losses and damages of climate change
A European source confirmed today that an agreement had been reached on the issue of climate "losses and damages" incurred by poor countries, during the COP27 climate conference in Sharm el-Sheikh.
"An agreement has been reached" on the creation of a special fund devoted to losses and damages, the source told AFP, directing money to the countries most vulnerable to climate change.
The United Nations climate organization published, earlier yesterday, the latest draft proposal for an agreement to address the issue of "losses and damages" caused by climate change.
The proposal said the summit would agree to create a new fund to help countries bear the cost of climate damage.
The draft includes an agreement to "establish a fund to respond to losses and damages."
The call for developing countries to set up a climate damage fund has dominated United Nations negotiations over the past two weeks.
Wael Abul Magd, the special representative of the Egyptian presidency to the United Nations Climate Conference, said that there are very small issues that need to be resolved before reaching a final climate agreement at the conference.
"We are doing our best," he told Reuters in response to a question about the imminence of reaching an agreement. There are very small issues that need to be resolved.
European officials have insisted that any agreement in United Nations climate talks must include a pledge to keep alive the 1.5°C target set by the 2015 Paris Agreement.
"We want to reach an agreement on 1.5 degrees Celsius," said Irish Environment Minister Eamon Ryan, who is also the chief European negotiator on climate compensation.
We need strong formulation on mitigation and this is what we will push.”
Jennifer Morgan, Germany's climate envoy, also called for keeping the target of "1.5°C on the horizon" so we can keep losses and damage under control.
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