COP27 Deal Would Help Poorer Nations Pay For Climate Change Damage

 Jan Wesner Childs

Published: November 21, 2022

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In a deal hammered out in the waning hours of COP27, nations around the world are agreeing to help pay for the impacts climate change is having on poorer nations.

T​he agreement, made Sunday at the annual UN climate summit held in Egypt this year, is the first of its kind.

I​t aims to establish a fund to help developing nations countries with what negotiators call "loss and damages" from events like floods, droughts and heat waves made worse by climate change.

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E​xamples of countries cited that could benefit include Pakistan and Cuba, both hit hard by flooding in recent months.

Details over long-term funding and other specifics were left to be discussed next year at COP28, scheduled for Nov. 30 to Dec. 12 in the United Arab Emirates.

The agreement is looked upon by many as a big step toward climate equity.

“Three long decades and we have finally delivered climate justice,” said Seve Paeniu, the finance minister of Tuvalu, according to The Associated Press. “We have finally responded to the call of hundreds of millions of people across the world to help them address loss and damage.”

Previous COP summits have generated landmark international climate treaties, including the 2015 Paris agreement.

(​WATCH: What is COP27 And How To Talk About It)

But critics say this year's deal does nothing to address the root causes of climate change — specifically greenhouse gas emissions that fuel global warming. Carbon dioxide from the burning of fossil fuels is the biggest contributor to greenhouse gas emissions.

Martin Kaiser, the head of Greenpeace Germany, called the COP27 agreement a “small plaster on a huge, gaping wound.”

COP, which stands for “conference of parties,” is held annually and includes 197 nations. The first, COP1, was held in Germany in 1995.

The Weather Company’s primary journalistic mission is to report on breaking weather news, the environment and the importance of science to our lives. This story does not necessarily represent the position of our parent company, IBM.

The Weather Company’s primary journalistic mission is to report on breaking weather news, the environment and the importance of science to our lives. This story does not necessarily represent the position of our parent company, IBM.