At U.N. summit, nations agree to historic fund to help vulnerable countries with climate disasters
Developed nations agreed early Sunday morning to help developing countries pay for the catastrophic consequences of climate change — a historic agreement reached after weeks of fraught negotiations at this year’s United Nations climate conference in Egypt.
The conference hall of weary diplomats broke out in muted applause after COP27 president Sameh Shoukry sealed the deal with a strike of his gavel. Negotiators had just reconvened, deep into the Egyptian night, in hopes of that for days had appeared on the brink of failure. Still, a crucial question of which countries must provide financing for the fund and which will be eligible to benefit from it has been left to future negotiations.Shoukry said the deal before delegates represents “the highest ambition that can be reached at this time.” He urged attendees to consider the agreement “a gateway” to more substantive, far-reaching actions that must take place over time.
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