Climate deal reached at COP27 for vulnerable nations - Beacon

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Sunday, November 20, 2022

Climate deal reached at COP27 for vulnerable nations

Historic deal reached to compensate countries most vulnerable to climate change

After days of often tense negotiations, the UN climate summit in Egypt closed on Sunday with an agreement on how to tackle global warming and a milestone deal to create a dedicated fund to cover damages endured by vulnerable nations.

While the agreement on the fund won lavish praise as a “historic” deal, some countries criticised the summit's final statement for failing to commit to more ambitious goals. Many people have looked to the summit for ambitious targets and bold measures to arrest climate change.

The summit in the Red Sea resort of Sharm El Sheikh was held against a backdrop of a deadly plethora of natural disasters blamed on climate change and growing economic hardships caused by the fallout of the Russia-Ukraine war.

The two-week talks looked to be on the brink of collapse at times, with delegates publicly squabbling over the creation of the “loss and damage” fund desperately sought by developing nations but which was initially opposed by richer countries.

Outside the summit's halls and conference rooms, hundreds of activists took full advantage of the leeway they were accorded at the venue to stage colourful and loud protests against fossil fuel, and a perceived lack of adequate action to save the planet.

Sunday’s deal on the loss and damage fund capped years of relentless lobbying by developing nations. Adding it to the agenda for the first time at Cop27 was a goal that had proved elusive for nearly three decades.

At the heart of the issue is that while rich nations are responsible for most gas emissions, developing nations that make a negligible contribution to global warming are the worst hit.

Its adoption at a plenary session early on Sunday drew applause from many delegates, who were joined by the Cop27 president, Egyptian Foreign Minister Sameh Shoukry. But the journey to its adoption over the past two weeks saw a flurry of scathing rhetoric from developing nations, reminiscent of debates over colonialism when western nations stood accused of shameless exploitation.

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