COP27 reached a historic resolution: Climate disasters can receive moral compensation
After more than 30 hours of extended discussions, member states of the United Nations Climate Change Conference (COP27) finally reached a "historic" agreement on the morning of the 20th (Sunday) to establish a global fund for loss and damage (LD). This agreement will provide financial assistance to poor countries that emit little carbon but are suffering from climate disasters, marking the end of the two-week conference. Otherwise, the annual climate event, attended by representatives from nearly 200 countries and hosted by Egypt, offered few breakthroughs. There was no significant progress on carbon reduction, and the discussions were met with numerous voices of retreat and threats to reduce commitments, ultimately resulting in the conference ending in a draw. Loss and damage achieved a "moral" victory for environmental justice. Rich and poor countries alike cannot escape the impact of extreme weather, but poorer ones have limited means to combat the climate crisis and often bear greater brunt of the damage. The LD fund will provide the financial assistance needed to rescue and rebuild these countries. For over 20 years, industrialized countries have been willing to contribute to the Green Climate Fund but have been reluctant to establish a LD fund. The Guardian reported that the discussion on loss and damage had reached a stalemate, with the European Union making a U-turn on Friday, demanding that large economies or major emitters classified as developing countries should side with donors rather than recipients. The United States did not agree to the fund until Saturday, with the added condition that vulnerable countries receive subsidies first. After all-night negotiations, UN climate change official Simon Steele