The UN COP27 climate summit in Egypt have agreed to establish a fund to help developing countries hit by climate change related disasters.
“This loss and damage fund will be a lifeline for poor families whose houses are destroyed, farmers whose fields are ruined, and islanders forced from their ancestral homes.”
– Ani Dasgupta, President of the Environmental Think-Tank World Resources Institute
The adoption of the fund is a win for poorer nations as they are often the victims of climate change, despite their low contribution to pollution.
The agreement will initially be funded by developed nations, while emerging economies like China will not be required to pay, but the west demand this will be negotiated in the future.
The EU and US argue that large polluters like China and other developing nations have the responsibility to pay their share.
