The adoption of a fund dedicated to compensating climate damage in the most vulnerable countries is “a decisive first step towards the goal of climate justice,” the Pakistani prime minister said Sunday in a message posted on the social network Twitter.
“It is now up to the transition committee to implement this historic development,” added Shehbaz Sharif.
According to the UN, the floods that affected a third of the territory of Pakistan during the monsoons this summer and some 33 million people caused more than 30,000 million dollars (about 29,000 million euros) in damages and economic losses.
The UN annual climate conference today approved an agreement that provides for the creation of a fund to finance climate damage suffered by “particularly vulnerable” countries, in a decision described as historic.
The resolution was unanimously adopted in the plenary assembly, followed by thunderous applause, at the end of the annual UN climate conference.
The resolution 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 implementation of the fund will be elaborated by a special commission and then adopted at the next COP28, at the end of 2023, in the United Arab Emirates.
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 several country leaders, with around two thousand interventions on more than 300 themes.
Source: TSF
