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Representatives of nearly 200 countries wrapped up this year’s United Nations climate summit in Egypt with a landmark deal to set up a “loss and damage” fund that would help vulnerable nations handle climate disasters – but little else, CNN reported.
The 2022 United Nations Climate Change Conference of the Parties (COP27) ended Sunday following two weeks of negotiations over setting up the special fund and also initiatives to limit the rise in global temperatures.
The COP27 agreement will mark the first time countries and groups have agreed to create a fund aimed at aiding nations vulnerable to the shifting climate and disasters made worse by pollution disproportionately produced by wealthy, industrialized states.
The fund will focus on what can be done to support the loss and damage of resources but does not include liability and compensation provisions. The US and other developed countries have rejected such provisions because they would open them up to legal liability in the form of lawsuits from other nations.
This year’s outcome came in large part because the Group of 77 developing nations remained united, exerting greater leverage than in previous years.
While negotiators and climate advocates welcomed the deal, others noted that many details about how the fund will operate remain unclear.
Another contentious issue remained the limit on global temperatures: Delegates reaffirmed their goal to limit global warming to 1.5 degrees Celsius above pre-industrial levels, a pledge that was made at last year’s COP26 summit in Scotland.
However, they made no mention of phasing out fossil fuels – including oil and gas – to prevent global temperatures from rising.
Even so, progress was made at the summit for the resumption of formal climate talks between the US and China – the world’s two largest greenhouse gas emitters.
The two countries had suspended talks over the summer but agreed to restart them.