COP27-the 27th UN Conference of Parties-agreed for establishing the special “Loss and Damage Fund” that will help to make up for the losses suffered by developing nations that are vulnerable to climate change. Union Minister for Environment, Forest and Climate Change Bhupender Yadav called this a “historic COP” adding that “the world has waited far too long for the ‘loss and damage fund’ agreement.”
Earlier, in a tweet COP 27 President Sameh Shoukry tweet said, “History was made today at #COP27 in Sharm El-Sheikh as parties agreed to the establishment of a long-awaited loss and damage fund for assisting developing countries that are particularly vulnerable to the adverse effects of climate change.”
“I invite the CMA to adopt the draft decision of title funding arrangements for responding to loss and damage associated with the adverse effects of climate change.
The agreement marks the first time countries and groups, including the United States and the European Union, have agreed to establish a “loss and damage” fund for nations vulnerable to climate disasters made worse by pollution disproportionately produced by wealthy and industrial nations.
Negotiators and non-governmental organizations stressed that the fund was a significant achievement. A senior US administration official told CNN that the fund will focus on what can be done to address loss and damaged resources. However, it does not include liability or compensation.
Articulating India’s point of view the union minister Patel welcomed the transition to a Sustainable Lifestyle and sustainable patterns of consumption. He stated that India welcomes efforts to address climate change. Addressing the Egyptian Presidency, Bhupender Yadav called it a “historic COP” where an agreement was made for a “loss and damage funding” arrangement. He noted that the world has waited “far too” long for the loss and damage funding agreement.
He further said, “We note that we are establishing a four-year work programme on climate action, agriculture and food security. Agriculture, the mainstay of livelihood for millions of smallholders of farmers will be hard hit by climate change. So, we should not burden them with mitigation responsibilities.”