The fund would benefit countries in the Global South that are most vulnerable to climate disaster.
Campaigners noted that while the inclusion of loss and damage funding represents a hard-fought victory, the final agreement fell far short of what is needed to protect both the Global South and wealthy countries from the worst impacts of the climate emergency.
The agreement calls for countries to contribute to efforts to limit planetary heating to 1.5°C above preindustrial temperatures, but as one campaignerlast week as a draft agreement was released, the omission of a total fossil fuel phaseout “ignores the science of 1.5°C.” “This is the make-or-break decade, but what we have in front of us is not enough of a step forward for people and planet,” Frans Timmermans, vice president of the European Commission,While noting that climate campaigners notched a major accomplishment by pressuring the U.S. to end its opposition to loss and damage funding, writer George Monbiot said COP27 was ultimately “a terrible failure.”
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