COP27 to formally discuss climate compensation for poorer nations

Egypt’s Sameh Shoukry, President of COP27, speaks during the opening ceremony of the 2022 United Nations Climate Change Conference - COP27. Pic/AFP

COP27 delegates agreed on Sunday to discuss whether rich countries should compensate poorer nations most vulnerable to climate change at the United Nations climate summit in Sharm el-Sheikh, Egypt.

Diplomats approved a much-disputed agenda item to talk about matters relating to "funding arrangements responding to loss and damage associated with the adverse effects of climate change, including a focus on addressing loss and damage." The conference runs from Nov. 6 through Nov. 18. UN Secretary-General Antonio Guterres warned last week that the planet was heading toward irreversible ‘climate chaos' unless countries find a way to put the world back on track to cut emissions and help poor countries cope with the impacts of global warming.

Much of the tension surrounding COP27 is expected to relate to loss and damage - compensation funds provided by wealthy nations to vulnerable lower-income countries that bear little responsibility for climate-warming emissions. Delegates will begin the two-week negotiation process by approving the agenda during the opening plenary session. Diplomats from more than 130 countries are expected to push for creation of a dedicated loss and damage finance facility at COP27.

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