Extended negotiations during the Conference of the Parties (COP27) at Sharm el-Sheikh in Egypt have resulted in a landmark decision to create the first-ever 'Loss and Damage Fund (LDF)' to compensate developing nations for harm caused by climate extremes. But there was little progress on other key issues, such as India's call for "phasing down" all fossil fuels.
The final implementation plan released by the UN after the climate talks got stretched by nearly three days stated: "It welcomes the consideration, for the first time, of matters relating to funding arrangements responding to loss and damage associated with the adverse effects of climate change, including a focus on addressing loss and damage."
The UN further stated it welcomes the "adoption of decisions on matters relating to funding arrangements responding to loss and damage associated with the adverse effects of climate change".
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