COP 27 creates a loss and damage fund

The United Nations Climate Change Conference (COP 27) ended on Sunday 20 November 2022 with a decisive agreement. The creation of a fund to compensate the countries most vulnerable to climate-related disasters was finally approved.

A transition committee has been assigned to prepare the roadmap for rendering this project operational. The committee will present the outcome of its work at COP 28 to take place in Dubai in 2023.

The institutional provisions to make the Santiago network operational, set up during COP 25 that was held in December 2019 in Madrid, has also been ratified. The objective is to give vulnerable countries access to the technical assistance, knowledge and resources needed to meet climate-related disasters.