The 27th session of Parties (COP27) on the United Nations Framework Convention on Climate Change (UNFCCC), ended on Sunday in Sharm El-Sheikh, Egypt, with the landmark establishment of the “Loss and Damage Fund”.
Parties agreed on the breakthrough agreement for vulnerable countries affected by climate disasters.
Simon Stiell, UN Climate Change Executive Secretary said “This outcome moves us forward.
“We have determined a way forward on a decades-long conversation on funding for loss and damage – deliberating over how we address the impacts on communities whose lives and livelihoods have been ruined by the very worst impacts of climate change,” he said.
Loss and damage fund
According to UNFCCC, the creation of a specific fund for loss and damage marked an important point of progress, with the issue added to the official agenda and adopted for the first time at COP27.
Heads of governments and parties took the historic decision of establishing new funding arrangements, as well as a special fund, to assist developing countries in responding to loss and damage.
COP27 parties also agreed on the institutional arrangements to operationalize the “Santiago Network for Loss and Damage” to provide technical assistance to developing countries that are particularly vulnerable to the adverse effects of climate change.
More than 230 million US dollars in new pledges were made to the Adaptation Fund at COP27. These funds are to help many more vulnerable communities adapt to climate change through concrete adaptation solutions.
Governments also agreed to establish a ‘transitional committee to make recommendations on how to operationalize both the new funding arrangements and the fund at COP28 next year. The transitional committee is expected to have its inaugural meeting before the end of the first quarter of 2023.
Sameh Shoukry, president of COP27, announced the Sharm el-Sheikh Adaptation Agenda, enhancing resilience for people living in the most climate-vulnerable communities by 2030.
The agenda seeks to minimise the devastating impacts of climate change on vulnerable people across the globe, the COP27 Presidency has launched the Sharm-el-Sheikh Adaptation Agenda outlining 30 goals to enhance resilience for 4 billion people living in the most climate-vulnerable communities by 2030.
Over 45,000 indigenous peoples, local communities, cities and civil society, including youth and children, participated at COP27 to share ideas, and solutions, and build partnerships and coalitions on addressing climate change and its impacts across the world.
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