UN Secretary-General Antonio Guterres said the COP27 has taken an important step towards ensuring justice.
A historic proposal to form a special fund to compensate for damages caused by natural calamities in developing countries was adopted on Sunday at the United Nations Conference of Parties, or COP27, in Egypt.
The proposal was finalised after an overnight negotiating session in the Egyptian resort town of Sharm el-Sheikh.
Several developing nations, mainly small island countries, had demanded a new fund to help them cope with the irreparable damage from floods, drought and other climate impacts. It was first proposed during the signing of the United Nation framework convention on climate change in 1992.
On Friday, the European Union had told the COP27 summit that the 27-nation bloc will not be financing the loss and damage fund alone and sought a broad donor base.
