The agreement calls for a committee with representatives from 24 countries to lay out which countries and financial institutions should contribute and where the money should go. The committee will have two co-chairs, one from a developed country and one from a developing country.
A deal gavelled through in the final moments of the United Nations’ climate summit COP27 has been described as a “historic” coup for small islands and other vulnerable nations. After two days of extra time, delegates from nearly 200 countries agreed in the early hours of Nov 20 to set up a climate “loss and damage fund” to help poor countries battered by climate disasters.
That said, it could be several years before the fund materialises, as the agreement only sets out a roadmap for the effort. Egypt’s Foreign Minister Sameh Shoukry, who presided over the COP27 talks, has pledged to complete this outline before handing the presidency over to the United Arab Emirates (UAE).
