The Loss and Damage Fund, recently agreed by hundreds of world leaders at COP27, aims to rebuild the physical and social infrastructure destroyed by extreme weather over the years.
Environment Minister Barbara Creasey. Photo: @environmentza/Twitter
JOHANNESBURG – The agreement to establish a fund to tackle the climate crisis, adopted at this year’s United Nations climate change conference, was hailed by the South African delegation as a key milestone.
Minister for Forestry, Fisheries and Environment Barbara Chrissy on Tuesday addressed the media following the recently concluded COP27 meeting in Sharm el-Sheikh, Egypt.
She said the call for the foundation was 30 years old and the agreement to create it was a step in the right direction.
The Loss and Damage Fund, recently agreed upon by hundreds of world leaders at COP27, aims to rebuild physical and social infrastructure destroyed by extreme weather over the years.
Now the main task for countries around the world is to create a fund and fill it with cash.
There is currently no agreement on how the fund should be funded, but Minister Creasey said the agreement to create the fund was nevertheless worth celebrating.
“Of course, we’re going to see a battle for sources, a battle for beneficiaries, but we’ve passed the first hurdle, which is to create a principal.”
A transitional committee established at COP27 is expected to work on the terms of the fund and present them at COP28 in Dubai next year.
