UN Releases Draft COP27 Statement Including 'Loss and Damage'... Will It Be Finally Adopted?

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Park Byung-hee] Major foreign media reported that the draft statement of the 27th United Nations Climate Change Conference of the Parties (COP27), released by the UN on the 14th (local time), includes content about a "loss and damage" fund. However, the foreign media added that it is uncertain whether the loss and damage fund content will be included in the final COP27 statement. The loss and damage clause may be omitted from the final statement during the upcoming discussions.

Loss and damage is a term used by the United Nations Framework Convention on Climate Change (UNFCCC) referring to support for developing countries affected by climate change, and it is the main agenda of this COP27.

Many countries view the progress of discussions on the loss and damage fund as a measure of success or failure for COP27. More than 130 developing and emerging countries want a clear conclusion at COP27 to start establishing the loss and damage fund.

However, some developed countries responsible for climate change have expressed resistance, leading to differing opinions on the creation of a new fund.

The UN proposed in the draft statement to proceed with discussions on how to establish the fund over the next two years.

The draft also includes content on debt relief, reforms of multilateral development banks and international financial institutions, humanitarian aid, and innovation in funding sources.

Carolina Cecilio, a policy expert at the climate-related think tank E3G, commented on the draft statement, saying, "The language is still too vague," and emphasized that "a clear decision on what COP27 will deliver is necessary." She stressed that an agreement on establishing the loss and damage fund should be included in the statement, as it will be the key to restoring trust and solidarity.

This content was produced with the assistance of AI translation services.