Wealthier nations will pay into a fund compensating poorer countries for loss and damage caused by climate change
Cop27 yields new deal on loss and damage
Progress made on loss and damage and on carbon markets, but not on emissions reductions
Countries at the Cop27 climate conference adopted a final deal in which they agreed to the creation of a loss-and-damage fund and progressing new rules for emissions trading. The agreement means wealthier nations will pay into a fund for poorer nations to compensate them for loss and damage caused by global warming. A committee with representatives from 24 countries will now begin work to establish the details of the fund, including which nations should contribute and which should benefit. The details are to be finalised at the Cop28 talks next year, which will take place in the UAE from 30 November to 12 December. The EU has insisted the new arrangements must “complement and include sources
Also in this section
27 November 2024
The agreement by the parties to raise at least $300b/yr for developing countries by 2035 was derided as a betrayal by the Global South, but the UN urged pragmatism
26 November 2024
Agreements on how to operationalise both Article 6.2 and 6.4 will mean countries can start to trade emissions reductions as part of their contributions to the Paris Agreement
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
