News

Countries agree on ‘loss and damage’ fund in overnight session to approve COP27 deal


SHARM EL SHEIKH (EGYPT): The countries agreed early Sunday at COP27 climate summit to set up a fund to help poor countries ravaged by climate disasters, but delayed the adoption of a broader agreement outlining global resolve to combat climate change. climate change.
After intense negotiations that lasted all night, Egypt’s COP27 president published a draft text for a master agreement – and convened a plenary session to approve the final agreement, cover for the United Nations summit.
The session adopted the provision of text on the creation of a “loss and damage” fund to help developing countries bear the immediate costs of climate-induced events such as hurricanes and floods.
But it has pushed many of the most controversial decisions on the fund to next year, when a “transitional committee” will make recommendations for countries to then adopt at the COP28 climate summit in September. 11 year 2023.
Those recommendations would include “identifying and expanding funding sources” – referring to the vexing question of which countries should put money into the new fund.
Calls by developing countries for such a fund dominated the two-week summit, pushing talks beyond their scheduled Friday deadline.
However, as soon as the general approval of the loss and damage fund, Switzerland Swiss delegates called for a 30-minute pause to allow time to study the new content of the overall agreement – specifically the language related to national efforts to cut climate-warming emissions, representing Swiss representative said.
Negotiators late on Saturday worried about the changes being discussed too late in the process.
The document forms the overall political agreement for COP27, which needs to be approved by nearly 200 countries at the climate summit in Egypt.
According to previous iterations, the draft does not contain references requested by India and some other delegations on phasing out the use of “all fossil fuels”. Instead, it refers only to a gradual reduction in coal, as agreed at last year’s summit.

news7f

News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button