COP27 Reaches Climate Fund Breakthrough But AT A Cost

This year’s UN climate summit ended on Sunday, resulting in a hard-fought deal to create a fund to help developing countries that bear the brunt of climate disasters. 

Although the deal was heralded as a triumph for responding to the devastating impact of global warming on vulnerable countries. 

Still,  many countries admitted they felt pressured to give up on more demanding commitments to limiting global warming to 1.5 degrees Celsius for the sake of the damage fund. 

Reuters reports that after intense negotiations, delegates made no objections and Egypt’s COP27 President Sameh Shoukry rattled through the final agenda items and gaveled the deal through.

The deal for a loss and damage fund is a clear victory for small island nations and other vulnerable countries. 

They managed to win over the 27-strong EU and the US which had long challenged the idea, fearing it could make them legally liable for historic emissions.

However, those who spoke in favor of the deal reassured the committee that the fund will come from various sources, instead of relying on rich nations to pay in.

Still, many questions remain unanswered. Who will oversee the fund, how the Money would be distributed, and to whom?