Global leaders plan to compensate poorer countries that suffer from extreme weather events, made worse by the carbon emissions from rich countries
On the final day of the COP27 in Egypt, early morning negotiations between the global leaders has resulted in the creation of a new initiative known a loss and damage fund. According to a report by Euronews on Sunday, November 20, the main aim of this fund will be to compensate poor countries that have suffered from extreme weather conditions, made worse by carbon emissions from richer nations.
The report also adds, this initiative will be a major win for climate justice also as it will benefit countries that contribute very little to the carbon emissions of the planet but suffer the biggest impact of climate change.
The delegates from all countries voted in the favour of this initiative, as the fund was approved. Speaking about the impact of this fund on poorer countries, Sherry Rehman, Pakistan Climate Minister said, “This is how a 30-year-old journey of ours has finally, we hope, found fruition today”.
According to the report, over one third of Pakistan was submerged after devastating floods swept the country this summer. It continues to have one of the biggest impacts of climate change, despite contributing very little to global emissions.
