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Countries agree on 'loss and damage' fund in overnight session to approve COP27 deal

Countries agree on 'loss and damage' fund in overnight session to approve COP27 deal

1 Oct 20:59 Key points summarised by AI
  • COP27 leaders establish 'loss and damage' fund: Nations at the climate summit agreed to create a new fund to assist developing countries in bearing the immediate costs of climate-fueled disasters.
  • Implementation details deferred: Key decisions regarding the fund's operationalization, including identifying and expanding funding sources, are postponed until COP28 in November 2023.
  • Wider climate deal faces delays: Approval of the broader agreement outlining global resolve to fight climate change was delayed, with specific language on emissions cuts causing further contention.
  • Fossil fuel debate unresolved: The final draft agreement maintained the phase-down of coal only, omitting calls from some nations to include a phase-down of 'all fossil fuels'.
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