Poorer countries are often particularly hard hit by the climate crisis and its consequences. They were promised support at the COP27 climate summit.
The world climate conference in Egypt agreed for the first time on a common pot of money to compensate for climate damage in poorer countries.
The representatives of around 200 states decided on the new fund early on Sunday morning. However, the necessary approval of the final declaration was still pending. The aim is to cushion the inevitable consequences of global warming, such as increasingly frequent droughts, floods and storms, but also rising sea levels and desertification. The question was the biggest point of contention throughout the two-week conference in Sharm el Sheikh, which was extended by around 36 hours.
The resolution does not mention any sums for the new compensation fund, nor who exactly should pay in. Developing countries that are particularly at risk are to be favoured. The EU in particular had insisted on this limitation.
Source: Stern
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