COP27 Reaches Accord on Aid Fund for Developing Nations

Sharm el-Sheikh, Egypt, Nov. 20 (Jiji Press)--Countries participating in the COP27 climate conference in Sharm el-Sheikh, Egypt, have reached an agreement to set up a fund to help developing nations deal with loss and damage caused by global warming.

The 27th Conference of the Parties to the U.N. Framework Convention on Climate Change, or COP27, was closed on Sunday, following the adoption of the Sharm el-Sheikh Implementation Plan document.

With the war in Ukraine and the COVID-19 pandemic in mind, the outcome document stressed that the "increasingly complex and challenging global geopolitical situation...should not be used as a pretext for backtracking, backsliding or de-prioritizing climate action."

COP27, which kicked off on Nov. 6, was initially scheduled to end on Friday. It has been extended, however, due to tangled negotiations on climate change-linked loss and damage, which became an agenda item for the first time.

Advanced countries were initially negative about establishing an aid fund over such loss and damage, but eventually made compromise to advance the talks.

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