Developing nations will be compensated for climate catastrophes after COP27 delegates struck a historic deal to create a ‘loss and damage’ fund.
The fund – one of the few bits of positive news to come out of the summit – will help poorer nations manage the devastating aftermath of extreme weather events caused by a climate crisis they have barely contributed to.
UK-based campaign group Make Polluters Pay, which puts the combined bill for 2021’s most costly climate disasters at $170bn (£150bn), said the move was “undoubtedly a significant step forward in the campaign for climate justice.”
However, it could yet prove to be a step taken at snail’s pace – the question of who pays into the fund, and how much, won’t be discussed until COP28 in a year’s time.
The deal follows Denmark’s pledge at the United Nations general assembly in September of DKK100m (£12m) for loss and damage. Scotland announced £2m at COP26 in Glasgow.
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