The COP27 climate summit has agreed to set up a fund to help poor countries being impacted by the effects of climate change.
COP27 agreement on loss and damage fund
Countries have agreed at the COP27 climate summit to set up a fund to help poor countries being battered by climate disasters, but paused before backing a wider deal outlining global resolve to fight climate change.
After tense negotiations that ran through the night, the Egyptian COP27 presidency released a text of the draft agreement – and simultaneously called a plenary session to gavel it through as a final, overarching agreement.
The session approved the text’s provision to set up a “loss and damage” fund to help developing countries bear the immediate costs of climate-fuelled events such as storms and floods.
But immediately after, Switzerland called for a 30-minute suspension to allow time to study the new text.