Climate change talks at the global level are seldom history makers. But the latest one has indeed made history. COP27 concluded with rich countries agreeing to set up a "loss and damage fund" to compensate poor nations for the destruction brought on by climate change.
#COP27 has taken an important step towards justice.— António Guterres (@antonioguterres) November 20, 2022
I welcome the decision to establish a loss and damage fund and to operationalize it in the coming period.
Clearly this will not be enough, but it is a much-needed political signal to rebuild broken trust. pic.twitter.com/5yhg5tKXtJ
What happened: The agreement did not come easy. After years of resistance, two weeks of the COP27 summit, and a night of high drama, the demands by developing countries including India were accepted. In fact, the negotiations had almost broken down when the EU decided to intervene.
India's reaction: India welcomed and hailed the decision to set up the fund.
Union Environment Minister Bhupender Yadav,
What will the fund do? The fund is expected to be paid to developing countries suffering from destruction brought on by climate change. For example, Pakistan suffered heavy losses due to massive flooding.
Why are developed countries being taxed? Developed countries are being taxed for their historic contribution to climate change. For long, developing nations have protested against unfair plans proposed by developed nations to counter the impact of the changing climate.
🎊 #COP27 is finally over— Julia Levin (@lev_jf) November 20, 2022
Two main take-aways: we got the loss and damage fund (and that deserves A LOT of celebration) but we didn't get anything beyond "phasedown unabated coal" and "inefficient subsidies" - a major loss.
More fossil fuels = more loss & damage
While the loss and damage fund seems to be a huge achievement coming out of the COP27 summit, disappointingly, no agreement was reached to keep global temperature rise within 1.5-degree-Celsius or a cap on the use of fossil fuel.