Sharm El-Sheikh, 21 November 2022 (TDI): The United Nations COP27 climate summit has adopted a final agreement that establishes a Loss & Damage fund on Sunday.
History was made today at #COP27 in Sharm El-Sheikh as parties agreed to the establishment of a long-awaited loss and damage fund for assisting developing countries that are particularly vulnerable to the adverse effects of climate change. pic.twitter.com/spmWVUjTva
— COP27 (@COP27P) November 20, 2022
The fund will facilitate developing countries in bearing the immediate costs of climate-fueled events such as storms and floods. As a Chair of G-77 plus China, Pakistan led the effort for acceptance of Loss & Damage.
The Minister of Climate Change of Pakistan, Sherry Rehman advocated the agenda at COP27. This manifestation of climate advocacy made the establishment of the fund possible.
Read also: COP27: Pakistan introduces Loss & Damage agenda
Following the agreement on the establishment of the fund, Pakistan welcomed it enthusiastically. The Foreign Minister of Pakistan, Bilawal Bhutto Zardari declared it a major win for Pakistan and developing countries.
In monumental achievement for climate justice & G77 led by 🇵🇰. #COP27 has successfully concluded with loss & damage as part of the agenda. including a fund & financial arrangements to address this issue. I congratulate FM Shoukry, President @COP27P hosting a historic COP 1/5
— Bilawal Bhutto Zardari (@BBhuttoZardari) November 20, 2022
In this vein, the Foreign Minister added, “In monumental achievement for climate justice & G77 led by Pakistan, the COP27 has successfully concluded with loss and damage as part of the agenda.”
Bilawal gave this statement based on having first-hand experience with a devastating flood in Pakistan. It must be noted that the Climate Envoy of Pakistan also traveled to the United Nations General Assembly (UNGA) to advocate for climate justice.
He mentioned that the Group of 77, chaired by him at the UN, unanimously adopted Pakistan’s proposal to demand loss and damage be part of the COP27 agenda.
Read also: COP27: Shehbaz Sharif addresses World Leaders
Bilawal Bhutto recalled that in Egypt too, Pakistan’s proposal as chair of G77 to include language ‘loss and damage fund’ on the agenda had achieved consensus.
The Foreign Minister concluded his statement by thanking all members of G-77 and China for their continued support and trust in Pakistan’s leadership.
Prime Minister hails Loss-Damage Fund
Additionally, the Prime Minister of Pakistan, Shehbaz Sharif appreciated the establishment of the loss and damage fund. He said that the fund is the “first pivotal step” towards the goal of climate justice.
The establishment of loss & damage fund at the UN climate summit is the first pivotal step towards the goal of climate justice. It is up to the transitional committee to build on the historic development. I appreciate @sherryrehman & her team for their contribution & hard work.
— Shehbaz Sharif (@CMShehbaz) November 20, 2022
It is pertinent to mention here that after a long 30-year journey from demand to the formation of the Loss & Damage Fund for 134 countries. The fund was finally established with the agreement of all the parties at COP27.
