COP27 strikes deal over damage fund

Negotiators from around the world salvaged climate talks from the brink of collapse late on Saturday, sealing a historic agreement on creating a “loss and damage” (L&D) fund to help vulnerable nations deal with the impact of global warming, a key victory for developing countries after days of hard parleys that pitched the Global North against the South.

Vulnerable countries and environmental experts said the agreement on L&D acknowledges the impact of climate change, particularly since the warming of 1.1°C till now has led to large disruptions on lives and livelihoods across several parts of the world.

At the same time, however, the deal fell short of what many said could have been a more ambitious stance on reining in emissions, and did not include a wider target on all fossil fuels, as proposed by India and several other nations.

“It’s a historical day in climate change negotiations when it has been acknowledged after thirty