Two changes: accepting that biggest polluters will pay poor nations & pressure on China, India to contribute
The 27th Conference of Parties (COP27) to the UN Framework Convention on Climate Change (UNFCCC), which wrapped up in the early hours of Sunday at the Egyptian resort town of Sharm El-Sheikh, set things in motion that will have far-reaching implications for the international climate negotiations.
COP27 kicked off with the demand by the developing countries, especially least developed countries (LDCs) and small island nations, to set up a ‘Loss and Damage’ fund to compensate them for climate disasters. These countries, which have contributed the least to global warming, are now suffering annual losses in billions of dollars. For instance, the cost of the recent floods in Pakistan is estimated to be over $46 billion – 13.25% of the country’s GDP.