COP27 Agrees to Establish Special Loss and Damage Fund

Egypt: The Closing Plenary of the 27th session of the Conference of Parties, COP 27 was held today at Sharm El-Sheikh in Egypt.

The conference which was held with the view to building on the previous successes and paving the way for future ambition concluded with countries coming together to take action towards achieving the world’s collective climate goals.

Environment Minister Bhupender Yadav made the intervention at the Closing Plenary and said termed it as a historic COP where agreement has been secured for loss and damage funding arrangements including setting up a loss and damage fund.

He welcomed the inclusion of the transition to sustainable lifestyles and sustainable patterns of consumption and production in efforts to address climate change in the cover decision.

The Minister stressed that for most developing countries, just transition cannot be equated with decarbonization, but with low-carbon development.

He added that developing countries need independence in their choice of energy mix, and in achieving the SDGs. He said that developed countries taking the lead in climate action is therefore a very important aspect of the global just transition.