Countries have agreed to set up a fund to help pay for the devastating impact of climate change on poorer nations, according to a deal unveiled Sunday.
, known as COP27, in the Egyptian Red Sea resort city of Sharm el-Sheikh was focused on addressing the impact of burning fossil fuels instead of addressing the root cause of climate change.
The United States also supported the fund though the climate envoy John Kerry did not attend the talks after testing positive for Covid-19.for creating a specific loss and damage fund at the last climate change summit in Glasgow, Scotland. COP27 President and Egyptian Foreign Minister Sameh Shoukry speaks as fellow delegates clap during the closing session of the climate summit.Even though the fund was welcomed by many, the summit also noted that developed countries had jointly failed to mobilize $100 billion per year by 2020, as part of a 2009 pledge in Copenhagen for climate action in developing countries.
Regardless, the summit was able to prevent backsliding on the current global goal of limiting global warming by 1.5 degrees Celsius after the Egyptian presidency for the talks insisted on relaxing it.
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