Sharm El-sheikh: Conference of Parties at the UN’s COP27 has introduced “Loss and Damage” funding as an agenda item at the climate conference in Egypt.
The item was adopted after a yearlong work culminating in 48 hours of continuous informal consultations led by Egyptian COP Presidency on eve of the COP, which will continue till November 18.
The adaptation of item means that the rich nations should compensate poor countries most vulnerable to climate change for their suffering.
“If adaptation is not met, if the issue of finance is not fulfilled, then we will continue to lag behind. There is no room except to move forward to obtain our objectives.” COP27 President Sameh Shoukry said while addressing the opening plenary session.
Applauding the efforts taken by all Parties and civil society on the opening day of the conference, Shoukry said, “This creates for the first time an institutionally stable space on the formal agenda of COP and the Paris Agreement to discuss the pressing issue of funding arrangements needed to deal with existing gaps, responding to loss and damage”.
Most developing countries are raised their concerns, including India over the Loss and Damage” funding on various forums, to provide funds by wealthy nations to vulnerable lower-income countries that bear little responsibility for climate-warming emissions.
At COP26 last year in Glasgow, high-income nations blocked a proposal for a loss and damage financing body, instead supporting a new three-year dialogue for funding discussions.
Meanwhile, Egypt Foreign Minister H.E. Sameh Shoukry was formally elected as the COP27 President by the Parties during the opening plenary, following which he called on countries to show faith in multilateralism over the next two weeks as they negotiate to deliver on the goals of the Climate Convention and the Paris Agreement.
Addressing climate envoys COP President HE Sameh Shoukry said “It comes as no surprise to anyone that the COP is being held this year in a world which is witnessing political turmoil that cast a long shadow on all our nations and has resulted in energy and food crises, adding that however, these challenges should be no reason for delaying our collective effort to fight climate change”
He said that “It is inherent on us all in Sharm El Sheikh to demonstrate our recognition of the magnitude of the challenges we face and our steadfast resolve to overcome them.”
Minister Shoukry highlighted that Egypt made sure that COP27 will provide the optimum setting to align and converge multiple views, and facilitate transparent, inclusive, and fruitful discussion to ensure the most positive outcome achievable.
HE Shoukry acknowledged the tireless efforts of his predecessor, COP26 President Alok Sharma, and thanked him for their effort and dedication with everything they achieved in hosting COP26 and commended the outcomes and agreements their work helped to secure, reiterating the commitment of the Egyptian Presidency to deliver on an impactful and inclusive COP.