After days of intense negotiations that stretched into early Sunday morning in Sharm el-Sheikh, countries at the latest UN Climate Change Conference, COP27, reached agreement on an outcome that established a funding mechanism to compensate vulnerable nations for ‘loss and damage’ from climate-induced disasters. After missing their Friday night deadline, negotiators were finally able to reach conclusions on the most difficult items of the agenda, including a loss and damage facility – with a commitment to set up a financial support structure for the most vulnerable by the next COP in 2023 – as well as the post-2025 finance goal, and the so-called mitigation work programme, that would reduce emissions faster, catalyse impactful action, and secure assurances from key countries that they will take immediate action to raise ambition and keep us on the path towards 1.5°C.
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