COP27 summit agrees on a key climate fund for loss and damage

The 27th United Nations Conference on Climate Change (COP27) concluded in Sharm El-Sheikh, Egypt, with a victory for the global south.

Countries decided to establish a global fund for "loss and damage," which would provide financial help to poor nations affected by climate change.

Parties agreed in a document obtained by Nile Post to establish new finance structures to assist developing nations in reacting to loss and damage caused by climate change.

During the concluding session, the host country's foreign minister and COP27 president, Sameh Shoukry, declared that the COP27 in Egypt had "risen to the occasion" and that parties had listened to the voices of those most affected by the climate disaster.

"We worked around the clock, day and night, but united in working for one gain, one higher purpose, one common goal. In the end we delivered. We listened to the calls of anguish and despair," Shoukry said.

The agreement piqued the interest of climate change advocates, who declared that it is a watershed moment that has resulted from decades of effort.

Countries in the global south, such as Uganda, which have the least responsibility for the climate catastrophe, have long requested that polluters pay for the loss and damage caused by climate-related disasters in African and certain Asian countries.

Some observers, however, claimed that the agreement reached in the early hours of Saturday night was not flawless because the language was "weak."

The commitment to the 1.5C temperature goal was half hearted as countries pushed back against the phasing out of fossil fuels and the rights of the indigenous people.

Vanessa Nakate, a Ugandan climate activist, highlighted that the sums of money contributed were insufficient and that just a few countries had vowed to contribute.

UN Secretary General Antonio Guterres hailed the statement, adding that while he was pleased with the decision made in Egypt's resort city, the fund needed to be expanded with more monies and pledges.

“Clearly this will not be enough, but it is a much-needed political signal to rebuild broken trust. The voices of those on the frontline of the climate crisis must be heard," the UN chief said.