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For more than a decade, rich countries have rejected formal talks about losses and damages, that is, about the resources they should allocate to help poor countries
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Representatives of countries participating in the United Nations climate summit COP27, which began today in Sharm El Sheikh, Egypt, agreed, after all-night talks, to put on the agenda of the conference for the first time the thorny issue of whether rich countries should compensate poor ones who are more vulnerable to climate change.
Diplomats agreed to include this thorny issue in the agenda of the conference and specifically agreed to discuss issues related to the “financing arrangement regarding losses and damages (i.e. compensations), which result from the negative effects of climate change” 8230?”.
“This creates for the first time an institutionally stable space on the official COP and Paris Agreement agenda to discuss the urgent issue of settling the funding needed to address the existing gaps that it's about loss and damage,” said COP27 President Sameh Shoukry during the conference's opening plenary session.
For more than a decade, rich countries have rejected formal talks on losses and damages, i.e. on the resources they should allocate to help poor countries deal with the effects of hyper warming the planet.
