COP27 delegates agree on fund for poor nations but some say not enough was done

November 21, 2022 0 By Cypher9ja

Rich nations have agreed to pay poorer countries for the damage and economic losses caused by climate change, after a deal was reached at the United Nations’ (UN’s) COP27 summit.

Delegates at COP27 in Egypt drafted a deal that will see poor countries receive money from countries with high carbon emissions. The poorer countries are usually the worst affected by climate disasters brought on by global warming.

Little done to cut carbon emissions

However, some left the climate summit disappointed as little was done to limit emissions and cut down on fossil fuels.  

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Despite this, the UN’s Climate Change Executive Secretary Simon Stiell was pleased with the deal reached.

“This outcome moves us forward,” said Stiell. “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.”

Watch: COP27 agrees on climate damage fund

He said countries had reaffirmed their commitment to limit the rise in the global temperature to 1.5 degrees Celsius above pre-industrial levels.

Critics, though, said this was not progress as the 1.5 degrees Celsius limit had already been agreed at last year’s climate summit in Glasgow.

‘Planet still in the emergency room’

UN Secretary-General António Guterres said although he was pleased, a decision had been made on helping poorer nations.

“I welcome the decision to establish a loss and damage fund and to operationalise it in the coming period. Clearly this will not be enough, but it is a much-needed political signal to rebuild broken trust,” he said.

He said COP27 had taken an important step towards justice, but there is still a lot of work to be done.

“Our planet is still in the emergency room. We need to drastically reduce emissions now – and this is an issue this COP did not address,” said Guterres.

“A fund for loss and damage is essential – but it’s not an answer if the climate crisis washes a small island state off the map – or turns an entire African country to desert.

“The world still needs a giant leap on climate ambition.”

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