Greenpeace this Sunday welcomed the creation of the loss and damage financing fund agreed at COP27, stressing 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 environmentalist association in Southeast Asia, Yeb Saño, the agreement reached lays “the cornerstone” of a measure that “has been long overdue to provide vital support to vulnerable countries and communities that already are being devastated by the accelerating climate crisis”.
On the last day of COP27, which takes 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, cites Efe, referred that the negotiations “were hampered by attempts to exchange progress in adaptation and mitigation for progress in the fund of losses and damages”, but “the efforts of both vulnerable countries and activists managed to overcome the barriers and give a step forward in climate action”.
The agreement emphasizes the “immediate need for new, additional, predictable and adequate financial resources to assist 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-Sheik, Egypt, bringing together more than 35 thousand participants, including several country leaders, with about two thousand interventions on more of 300 topics.