COP27: World leaders agree to talk about paying for loss and damage

(Eco Business, 7 Nov 2022) Rich countries have for long resisted calls to pay for the loss and damage caused by global heating-related extreme events in the Global South. Now, for the first time, they’ve agreed to talk about such funds at COP27.

“Funding arrangements responding to loss and damage” has been included for the first time in an agenda agreed upon by the global community for the COP27 climate conference that started in Sharm el-Sheikh, Egypt, on November 6.

Countries will have to reach a conclusive decision on the topic by 2024, including the amount and format. 

Loss and damage reparations centre around the idea that poorer countries should receive help in recovering from disastrous climate events that they have played little part in causing.

Paying for loss and damage has been one of the most contentious issues in the lead up to the summit. Climate negotiators fought over including it in the agenda until the early hours of Sunday (6 November), before the finalised agenda was released near mid-day.

Loss and damage did feature in past climate conferences, but discussions were centred around technicalities, not money matters.

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Eco Business, 7 Nov 2022: COP27: World leaders agree to talk about paying for loss and damage