UN Climate Change Conference Agrees on Establishment of 'Loss and Damage' Fund (Update)

[Asia Economy Reporter Jeon Jinyoung] The 27th United Nations Climate Change Conference of the Parties (COP27) summit approved the establishment of a special fund on the 20th (local time) for vulnerable countries affected by climate change.

This fund provides compensation from developed countries to developing countries suffering from disasters caused by climate change. Participating countries have been discussing the establishment and funding methods of the fund.

There were difficulties in forming the fund. The COP27 presidium held overnight negotiations, released a draft, convened the plenary session, and finally passed the agreement.

COP27 approved a provision to establish a 'Loss and Damage' fund to help developing countries bear the immediate costs of climate-related events such as storms and floods.

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