UN’s COP27, the United Nations Climate Change Conference, was kicked off in Egypt on Sunday with delegates agreeing to discuss compensation for poor nations, suffering from climate change.
Delegates from around 200 countries participated in the climate change conference and discussed the crucial agenda for the first time in decades.
At the session, COP27 president Sameh Shoukry said, “This creates for the first time an institutionally stable space on the formal agenda of COP and the Paris Agreement to discuss the pressing issue of funding arrangements needed to deal with existing gaps, responding to loss and damage.”
The conference took place in Sharm el-Sheikh, Egypt, and will continue till November 18. The focus of the discussion was on the compensation funds provided by rich nations to economically backward countries that have the least contribution to climate-warming emissions.
The accord set a positive tone for the COP27 session in Sharm el-Sheikh, where governments aim to maintain a goal to escape the worst effects of global warming even as a plethora of problems – from a land war in Europe to widespread inflation – divert the world focus.
High-income countries opposed a proposal for a loss and damage financing organization at COP26 in Glasgow last year, in favor of a new three-year dialogue for funding discussions.
The discussion will not include any obligation to compensation but on the other hand, lead to a decisive conclusion, “no later than 2024”, Shoukry said. He added, “The inclusion of this agenda reflects a sense of solidarity for the victims of climate disasters.”
