Muscat – Egyptian Foreign Minister Sameh Hassan Shoukry, head of the conference, announced that the document representing the political agreement at the conference was unanimously approved.
COP27 approved the creation of a dedicated fund to finance climate damage in ‘extremely vulnerable’ countries.
The decision was adopted unanimously during a closing plenary session, after two weeks of arduous negotiations on the claim of developing countries for compensation from rich polluting countries for damages resulting from the repercussions of climate change.
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The resolution stressed the ‘immediate need for appropriate new and additional financial resources to assist developing countries that are most vulnerable’ to the ‘economic and non-economic’ repercussions of climate change.
A special committee will determine the arrangements for implementing the decision and the fund, in order to approve them during the next Conference of the Parties (COP28), which will be held in the United Arab Emirates at the end of 2023.
