By Dare Akogun
A group of 134 developing countries, which includes China and the European Union have reached an “in principle agreement” at COP27 to establish a loss and damage fund.
The deal which offers hope of relief for victims of climate disaster is still subject to approval in a closing plenary, was reached Saturday afternoon.
Environment minister of the word’s lowest lying islands, the Maldives, Shauna Aminath emerged from the negotiating rooms smiling, hugging colleagues and taking selfies in the Sharm el-Sheikh sunshine on Saturday afternoon.
Speaking to media Pakistan, chief negotiator for the G77 group Ambassador Nabeel Munir, said “It has to go to all the others first and then we will see. But I’m hopeful that it will be done,” he said.
An EU source who confirmed the terms of the agreement said both sides agreed to decide to establish the fund as part of broader funding arrangements to address the damage inflicted by the climate crisis.
These would include channels outside the UN Climate Change process, such as debt relief, insurance and potentially taxing oil and gas profits.
The draft agreement published on Saturday specifies that the fund would support “vulnerable developing countries”.
