COP27 agrees to climate compensation fund
COP27 has agreed to a "loss and damage" fund, with the aim to provide funding to poor nations who have been worst affected by climate change.
This deal is a result of over 20 years of activism by delegates from vulnerable nations, who have been actively campaigning for a compensation fund, and have hailed the deal as monumental. Details of how the fund will operate, including questions on which nations will contribute, are yet to be agreed upon.
Despite the optimism, some remain doubtful that the fund will be instrumental in cutting down net emissions, as the overarching issue of accelerated climate change is yet to be targeted. The deal does not address the growing gap between climate science and climate policy, and without cuts to greenhouse gas emissions this decade, climate scientists warn it will be impossible to avoid a global rise in temperatures of more than 1.5°C.
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