Pakistan has expressed its satisfaction with the historic decision made at COP27 to establish a fund to compensate for losses and damages brought on by natural disasters that are exacerbated by climate change.
The United Kingdom’s Foreign and Commonwealth Office said in a statement that the consensus decision reached to this effect by the COP27 in Egypt is a momentous achievement. This is especially true for the Group of 77 and China, as developing countries have been demanding a fund like this for the past 30 years.
According to the statement, the devastating floods in Pakistan brought on by climate change at the beginning of this year that caused losses and damages of more than 30 billion dollars refocused the attention of the entire community on this very important subject.
It was stated that Pakistan, in its capacity as Chair of the Group of 77 and China, had successfully rallied support for the establishment of the Fund during COP27 in Sharm el Sheikh. This was accomplished in two stages: first, it was placed on the Agenda of the Conference, and then, efforts were made to reach an agreement through consensus.
The “Fund for Loss and Damage” would address the issue of losses and damages in poor nations like Pakistan, which are especially susceptible to the negative effects that climate change might have.
According to the Pakistani Foreign Office, Pakistan applauds the developing nations for the remarkable cooperation and persistence they have shown in pursuing their argument for a Fund for Loss and Damage. It was also said that we appreciate the understanding and cooperation of the developed nations in realizing the importance of taking action on the loss and damage.
