COP27 approves fund for poor nations victims of extreme weather | News

The COP27 Climate Change Conference, which concluded this Sunday in Egypt, approved the decision to create a fund to compensate poor nations that are victims of extreme weather.

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The parties to the United Nations Framework Convention on Climate Change, who held their 27th summit in the Egyptian city of Sharm el Sheikh, endorsed the new financing mechanism, which was a demand from the countries most affected by climate change.

The member countries of the European Union (EU), among others, were pressured to implement new financial instruments with the aim of helping to repair the damage in less developed nations after extreme phenomena linked to global warming.

The creation of the fund was approved by around 200 States in the closing plenary session of COP27, which also endorsed the Sharm el Sheikh Implementation Plan.

The plan, which lacks the character of binding effects, includes the proposal to contain global warming below one and a half degrees of average temperature in 2100 with respect to pre-industrial levels.

The community of scientific experts has reiterated that this challenge - included in the Paris Agreement - must be met in order to face the consequences of the climate crisis.

The Sharm el Sheikh Implementation Plan includes the claim to gradually reduce the generation of energy from coal and gradually eliminate the policy of subsidies for fossil fuels.

The Secretary General of the United Nations (UN), António Guterres, described as "an important step towards justice" the approval of creating the fund to help poor nations, in this context of climate change.

"This COP has taken an important step towards justice. I welcome the decision to create a fund for loss and damage and to launch it in the next period," Guterres said in a video posted on his social networks.

Acknowledging that "it is clear that this will not be enough," Guterres called the fund "a much-needed political signal to rebuild broken trust."