COP27 Loss and Damage fund

Sharm-Al Sheikh has established a loss and damage fund! The world’s developing countries achieved this political win at the 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC) on November 20, 2022. The fund was a clear demand by the biggest negotiating bloc within UNFCCC climate negotiations — the G77 and China. The bloc, representing about 80% of the world’s population, had demanded that a facility be established at COP26 in Glasgow in 2021. Though the effort was unsuccessful last year, pressure escalated in the following months, resulting in a formal agenda item for loss and damage funding at COP27. So, the efforts have begun but will they even remotely resemble what was initially demanded?