The historic decision to establish and operationalize a „Loss and Damage Fund“ in particular for vulnerable countries severely affected by climate disasters came to a conclusion at the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), held in Sharm el-Sheikh, Egypt, on November 20, 2022.
Despite the fact that there are still details to be negotiated and specified, it is expected that this fund will help developing countries particularly vulnerable to the adverse effects of the climate crisis recover losses from disasters like droughts, floods, rising seas and others attributed to climate change.
While praising the decision and perceiving the fund as essential, UN Secretary-General António Guterres stressed that more needs to be done to significantly reduce emissions. He added that, despite this significant advancement, the world still needs to make a quantum leap in its climate ambition.
“The red line we must not cross is the line that takes our planet over the 1.5 degree temperature limit. We can and must win this battle for our lives.” UN Chief on the Closing of COP 27
Building sea walls, growing drought-resistant crops and other climate crisis adaptation measures could cost developing countries between US$160 to US$340 billion annually by 2030. However, according to the UN Environment Programme’s (UNEP’s) 2022 Adaptation Gap Report, if climate change picks up speed, this amount could rise to as much as US$565 billion by 2050. This indicates that if climate change keeps progressing at its current pace, expenses will likely increase in the years to come.
COP27, which took place from 6 to 20 November 2022, included a number of high-level and side events, key negotiations, and press conferences. It was attended by more than 35,000 participants and more than 100 Heads of State and Governments, as well as numerous pavilions showcasing climate action around the world and across different sectors.
Visit UNEP’s COP27 featured updates for more information.
To learn what you can do to help combat the climate crisis, visit: www.unep.org/speak-up.