Landmark Deal Acknowledges Inequities and Offers Financial Assistance to Developing Nations

At the conclusion of Cop27, a groundbreaking deal was reached to establish a global fund for “loss and damage” caused by climate change. This agreement, hailed as historic, promises financial support for developing countries severely affected by climate disasters, addressing one of the most urgent demands from these nations.

While the deal marks a significant step forward, it is not without its shortcomings. Some delegates noted that commitments regarding limiting global temperatures to 1.5°C showed no real progress compared to previous talks at Cop26, and the language surrounding the phasing out of fossil fuels was seen as insufficient.

Sameh Shoukry, the Egyptian foreign minister and president of Cop27, celebrated the agreement, emphasizing the unity and tireless work that led to the historic deal. Sherry Rehman, Pakistan’s climate change minister, expressed that the deal was not charity, but an investment in the future and a step toward climate justice.

UN climate chief Simon Stiell remarked that, despite the challenges, the deal would ultimately benefit the world’s most vulnerable communities.