The Damages Compensation Fund makes climate change conference COP27 extend to Saturday

THe Egyptian Minister of Foreign Affairs and Chairman of the COP27 Climate Change Summit, Sameh Shoukry, announced the extension of the COP27 climate conference organized by the United Nations in the resort of Sharm el-Sheikh, Egypt, until tomorrow in an attempt to reach a consensus regarding compensation for damages and losses suffered by developing and poor countries, especially in the African continent.

These damages and losses ae coming from the repercussions of climate change, which are mostly caused by rich countries that had pledged to fulfill their obligations towards these countries in previous COP conferences, but they have not implemented that so far.

Sameh Shoukry thanked the parties of the COP27

Sameh Shoukry thanked the ministers and others who, over the past days of the COP27 Climate Change Summit, helped advance the work and assist Egypt make the conference a success through the commitments shown by the parties of the conference through the work that took place over the course of these two weeks.

The Egyptian Minister of Foreign Affairs and Chairman of the COP27 Climate Change Summit, affirmed that Egypt seeks in this conference to reach the desired action, implement commitments, and reach tangible results that help achieve progress on a large scale in the climate agenda.

The climate change conference COP27 ends tomorrow instead of today, Friday

The Global Summit of the Climate Change Conference COP27, held in the Egyptian city of Sharm El-Sheikh, was scheduled to conclude its work today, Friday, However, the parties agreed to end the conference tomorrow with the adoption of many unanimous decisions, which will be comprehensive and balanced, after the days of the summit witnessed progress in work and also move forward, but delay is not in favor of the planet.

This year has witnessed several disasters related to climate change, including floods and droughts affecting crops, as well as widespread fires, therefore, the Conference of the Parties on Climate Change COP 27 aims to increase the commitments of about 200 countries participating in reducing these calamities.

So, during the conference, the countries of the South called for reaching a preliminary agreement to establish a dedicated fund only for financing and compensating for these losses and damages.

Despite that the North rich countries agreed to finance and compensate for the losses and damages caused by climate change, they had reservations for a long time about opening specific negotiations on this issue and eventually included it officially for the first time on the COP27 agenda, but they demand that the talks continue for a longer period of time.

The European Union, UN, confirmed during a plenary session on last Thursday evening that it is ready to establish a "loss and damage response fund" immediately, stressing that the conference must take strong commitments on reducing emissions, although the leaders of developing countries at the COP27 summit are in a race against time to agree on compensation for climate damages from which they have been suffered.

The EU is calling for funding of a broad base from donor countries

The EU demanded that funding should come from “a broad base of donor countries,” that is, from countries that have the financial ability to contribute, especially China, an ally of developing countries in this respect, so that the fund includes multiple finances that must be developed, provided that developing countries, especially "very weak" benefit from them.

David Malpass, World Bank President, indicated that he is working with the International Monetary Fund to find ways to include climate change in negotiations to ease the debt burdens of some poor countries, including Ethiopia, Chad and Zambia, which have already begun negotiations with creditors within the framework of a process supported by the G20 that could lead to debt reduction and support the confrontation of the climate change repercussions in African countries and other developing and poor countries.