Establishing a fund based on the contributions of developed countries and targeting the most vulnerable

The United Nations Climate Summit passes a historic agreement to compensate poor countries

Egyptian Foreign Minister Sameh Shoukry chairs the closing session of the climate conference.

A.F.B

Negotiators participating in the COP27 climate summit in Sharm el-Sheikh, Egypt, passed a historic agreement that would create a fund to compensate poor countries that fall victim to severe weather exacerbated by carbon pollution in rich countries, but a more comprehensive agreement is still stuck due to disagreement over efforts reduce emissions.

According to the agreement, which was issued early yesterday morning, the fund will initially rely on contributions from developed countries and other private and public sources such as international financial institutions, while major emerging economies such as China will not be required initially to contribute, and this option remains. It is on the table and is scheduled to be negotiated over the coming years.

This is a major demand by the European Union and the United States, who argue that China and other major polluters currently classified as developing countries have the financial capacity and responsibility to pay the price.

The fund is largely targeted at the most vulnerable countries, although there will be scope for middle-income countries, which have been hit hardest by climate catastrophes, to get aid.

After tense negotiations during the night, the Egyptian presidency of the conference issued the final text of the agreement and simultaneously called for a plenary session to be approved. Storms and floods But negotiations have postponed many of the most contentious decisions about the fund until next year, including who pays for costs.

The negotiators raised no objections while Sameh Shoukry, the president of the 27th session of the Conference of the Parties, reviewed the terms of the final agreement.

And by dawn yesterday, the agreement was approved.

Shoukry said that the conference reached a crucial juncture in the collective effort towards working to combat climate change, and added: “You all made a tremendous effort to get us to this point of compromise and consensus.

My team and I have done everything we can to ensure the integrity of this process and to be fair, balanced and transparent in our approach.”

The establishment of the fund is a great gain for poor countries that have long demanded compensation because they are often victims of climate disasters, although they have not contributed much to pollution that raises the temperature of the planet.

United Nations Secretary-General Antonio Guterres praised the creation of the fund, and said in a statement that delegates to the global climate conference, known as COP27, had taken an "important step towards justice."

He added, "I welcome the decision to establish the Loss and Compensation Fund, and to activate it in the coming period, and it is clear that this will not be sufficient, but it is a much needed political indicator to rebuild the collapsed trust."

Countries stricken by floods, famine, storms and drought celebrated the agreement, as did small nations facing an existential threat from rising sea levels.

"It wasn't easy at all," said UN climate chief Simon Steele, who hails from Grenada.

We worked around the clock.

But this result pushes us forward.

He added that for the first time, "the impacts on communities whose lives and livelihoods have been devastated by the worst impacts of climate change" are being addressed.

However, the EU's climate envoy, Frans Timmermans, criticized the meeting's outcome, saying it "was not a sufficient step forward for people and the planet, and did not address the widening gap between climate science and our climate policies."

He pointed out that the bloc of 27 countries supported the agreement in order to ensure the establishment of a fund to compensate for losses and damages, but he expressed his disappointment at the lack of agreement on stronger language on reducing emissions, and continued: “I urge you to admit, when you leave this room, that we have all failed.” In taking action to avoid and minimize losses and damages.

We should have done a lot more than that.”

The two-week summit was a test of the world's resolve to fight climate change even as the ongoing war in Ukraine, energy market turmoil and spiraling inflation distracted international attention, and the summit vowed to highlight the plight of poor nations facing the most dire consequences of global warming. The land caused mainly by industrialized rich countries.

 The Secretary-General of the United Nations praises the establishment of the fund, as "an important step towards justice."

Follow our latest local and sports news and the latest political and economic developments via Google news