The 27th Climate Conference, COP27, has come to an end recently in Sharm El-Sheikh, Egypt. This time it appears, Bangladesh, one of the worst victims of climate change, has achieved something. And it is Loss and Damage Fund, a first-of-its-kind disaster relief fund to help the world's poorest countries deal with the fallout of extreme climate events. The agreement has also turned out to be the biggest achievement at COP27. However, no consensus was reached on a deal on controlling global temperature increases.
It is important to note that this is just the beginning and much work still needs to be done about the modalities of funding, who will pay, how much will be paid, who will manage it and finally, who will be eligible to receive funds once they are available. These questions will hopefully be addressed by a transitional committee at COP28 in November 2023.
© 2022 - All Rights with The Financial Express