COP27 puts climate compensation on agenda for first time
The agreement set a constructive tone for the COP27 summit in the seaside resort town of Sharm el-Sheikh, where governments hope to keep alive a goal to avert the worst impacts of planetary warming even as a slew of crises - from a land war in Europe to rampant inflation - distract the international focus.loss and damage
But pressure to address the issue has been increasing as weather calamities mount, including this year's floods in Pakistan that caused economic losses of more than $30 billion and left hundreds of thousands homeless. The issue could ramp up diplomatic tensions already stretched by Russia's war on Ukraine, a surge in energy prices and the risks of economic recession triggered by inflation.
"Now the real work begins to make finance a reality," said Saleemul Huq, director of the centre who serves as an adviser to the Climate Vulnerable Forum group of 58 countries.The climate talks begin under a cloud of skepticism that world governments are doing enough to address global warming. Despite increased momentum to address loss and damage due to a rise in climate change-fuelled disasters, COP27 faces headwinds to raising cash - with western governments' budgets depleted from huge spending to shield their citizens from the economic fallout of the war in Ukraine.committed 100 million Danish crowns, and Scotland pledged £2 million .
Others are looking outside of the formal U.N. negotiations, where any deal requires unanimous approval from all countries and progress can be achingly slow.
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