Global South Campaigners Secure Loss and Damage Fund in COP27 Deal

A decades-long pressure campaign by policymakers and advocates in the Global South was credited Sunday with pushing wealthy nations to finally drop their opposition to a “loss and damage” fund to help developing countries that face some of the worst climate impacts, allowing the financing plan to be included in the final agreement out of the meeting. At the 27th United Nations Climate Change Conference (COP27), negotiators from nearly 200 countries finalized a deal which calls for the creation of a committee to determine how a loss and damage fund will work, which countries should contribute to it, and which…

Report: US Only Paid 19 Percent of International Climate Funding Target in 2020

The U.S. has fallen tens of billions of dollars short of paying its agreed-upon “fair share” of climate funding targets, a new report finds as world leaders undergo climate talks at the COP27 conference in Egypt this month. According to a new analysis by Carbon Brief, the U.S. was supposed to be paying about $40 billion of the U.S.$100 billion that wealthy countries have pledged to pay each year for climate financing in developing countries by 2020. This figure is proportional to the amount of historical emissions emitted by each country; the U.S. is a top emitter of greenhouse gasses…

‘Game On’ as Key Issue of Loss and Damage Added to Agenda at COP27

Green campaigners expressed cautious optimism Sunday after it was announced the key issue of “loss and damage” financing was officially added to the agenda for the U.N.-backed COP27 climate summit taking place in Sharm El-Sheikh, Egypt. The agreement to include formal discussion of the loss and damage finance facility, first reported by Bloomberg, followed late-night talks ahead of the summit’s kickoff and came as welcome news from those who have demanded for many years that wealthy nations most responsible for creating the climate crisis have a responsibility to fund damage repair and mitigation efforts needed by poor nations suffering the…

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