COP27: Parties agree to introduce Loss and Damage funding as agenda at climate conference
For the first time since the adoption of the UN climate convention, Parties have agreed to introduce Loss and Damage funding as an agenda item at the climate conference. UN Climate Conference COP27 President and Foreign Minister of Egypt Sameh Shoukry commended the sense of responsibility and commitment that parties showed, as well as the collective keenness on preserving the credibility and relevance of the climate process. In his remarks, Mr. Shoukry 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.Loss and damage funding refers to financial compensation that directly addresses unavoidable climate change catastrophes that developing countries are particularly vulnerable to.
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