HomeMiddle EastWill rich nations pay for the climate ‘loss and damage’ fund?

Will rich nations pay for the climate ‘loss and damage’ fund?

From: Counting the Cost

A historic fund to help vulnerable countries worst affected by climate change was adopted at the COP27 summit.

Wealthy nations have long refused to compensate poor countries struggling to cope with the effects of climate change, fearing legal liability.

But after more than three decades, diplomats from approximately 200 nations made a breakthrough at the COP27 summit and agreed to establish a “loss and damage” fund.

The deal was a big win for vulnerable nations who bear the brunt of flooding and droughts – despite contributing comparatively far less to the carbon emissions that are causing global warming. We take a look at one of the most contentious issues at this year’s climate summit.

Elsewhere, we look at why the UK faces its sharpest fall in living standards on record.

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