Countries agree to create climate damage fund in historic COP27 deal

Madeleine Cuff in New Scientist:

Delegates at the COP27 climate summit in Sharm El Sheikh, Egypt, have agreed to create a global “loss and damage” fund to provide cash for vulnerable nations hit by the impacts of climate change.

After more than 20 years of campaigning by developing countries battered by increasingly severe droughts, storms and other extreme weather, rich nations finally relented in the early hours of 20 November and backed plans for a compensation fund.

Details of how the fund will operate, including the crucial question of which nations will contribute, are still to be worked out, but activists and delegates from vulnerable nations said the agreement was a historic victory for climate justice.

More here.