Greenpeace welcomed this Sunday the creation of the loss and damage financing fund agreed at COP27 and stressed that it is “a cornerstone” to support countries that “are already being devastated” by the climate crisis.
According to the Spanish news agency Efe, for the director of that environmental association of Southeast Asia, Yeb Saño, the agreement reached lays “the cornerstone” of a measure that “should have provided vital support to vulnerable countries and communities for a long time.” already being devastated by the accelerating climate crisis.
On the last day of COP27, which is taking place in Egypt, an agreement was approved that provides for the creation of a fund to finance climate damage suffered by “particularly vulnerable” countries, in a decision described as historic.
Saño, citing Efe, said that the negotiations “were hampered by attempts to exchange progress in adaptation and mitigation for progress in the loss and damage fund”, but “the efforts of both vulnerable countries and activists managed to overcome the barriers and take a step forward on climate action”.
The agreement emphasizes the “immediate need for new, additional, predictable and adequate financial resources to help developing countries that are particularly vulnerable” to the “economic and non-economic” impacts of climate change.
The 27th United Nations Conference on Climate Change began on November 6 and ended today in Sharm-el-Sheikh, Egypt, bringing together more than 35,000 participants, including various country leaders, with nearly 2,000 interventions on more of 300 themes.
Source: TSF
