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COP27 summit strikes historic deal to fund climate damages

According to vulnerable countries and environmental experts, the L&D agreement recognises the impact of climate change. Particularly since the 1.1°C warming to date has caused significant disruptions in lives and livelihoods in many parts of the world.

Negotiators from around the world rescued climate talks from the brink of collapse late Saturday. They signed a historic agreement to establish a “loss and damage” (L&D) fund to assist vulnerable nations in dealing with the effects of global warming. It is a key victory for developing countries after days of hard bargaining pitting the Global North against the Global South.

At the same time, the agreement fell short of what many said could have been a more aggressive stance on reducing emissions. It did not include a broader target on all fossil fuels, as proposed by India and several other nations.

The climate conference’s (COP27) endorsement of the sustainable lifestyle mission, as well as a clause regarding energy transitions that did not single out any particular fossil fuel, were victories for India.

The decision on loss and damage states that keeping the global average temperature rise below 1.5°C will be critical to limiting future loss and damage. And expresses concern that Working Group II of the Intergovernmental Panel on Climate Change’s Sixth Assessment Report has concluded that the gravity, scope. The frequency of loss and damage will continue to increase with every additional fraction of a degree of temperature rise.

The talks agreed that a transitional committee will decide the modalities. Such as how the fund’s payouts will be made and the sources. It will be considered at COP28, which will be held in November or December 2023.

The Transitional Committee will consist of 23 members, with ten from developed countries and thirteen from developing countries.

However, following overnight negotiations and efforts to reach a compromise, the issue of funding source has now been referred to the transitional committee.

The Sharm El Sheikh Implementation Plan acknowledges climate change’s impact on the cryosphere and the need for further understanding of these impacts. It includes tipping points. According to experts, this is possibly the first time a cop cover decision or a legal document mentions approaching climate tipping points beyond which adaptation will be impossible.


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