“Cop27″… a breach in the “compensation” file

The climate summit “COP 27”, which was held in the Egyptian city of Sharm el-Sheikh, achieved an “unprecedented breakthrough,” according to experts, by agreeing on a so-called “loss and damage fund” to compensate poor countries suffering from the consequences of climate problems. However, the summit parties failed to agree on other files, which will be carried over to next year’s summit to be held in the UAE, including mechanisms for implementing the fund, and steps to be taken towards achieving further emissions reductions.

The closing statement of the summit, which was delivered by Egyptian Foreign Minister Sameh Shoukry after meetings that lasted from Saturday morning until Sunday dawn, carried the approval of governments to establish a “transition committee” to make recommendations on how to activate each of the new financing arrangements and the fund in (COP 28) next year, and he said. Shoukry said, “The first meeting of the transitional committee is expected to take place before the end of March 2023.”

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