COP27 ends with a landmark deal

COP27 ends with a landmark deal
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Islam News – Nearly 200 countries agreed to establish a fund to pay poor nations for damage caused by climate change. The landmark deal concludes two weeks of climate talks, known as COP27.

The decision on payments for loss and damage caused by global warming was a breakthrough: For more than 30 years, developing nations have pressed rich countries to provide compensation for the costs of extreme weather linked to rising temperatures. On Saturday, the U.S. — the last big holdout — agreed to a fund.

Developing countries hailed the deal as a landmark victory. But there is no guarantee that wealthy countries will deposit money into the fund — or meet their existing goals. The deal called for a committee with representatives from 24 countries to hammer out next steps.

And some leaders said the summit didn’t go far enough in addressing the root causes of global warming. “The loss and damage deal agreed is a positive step, but it risks becoming a ‘fund for the end of the world’ if countries don’t move faster to slash emissions,” an expert said.

Source: The New York Times

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