Member states agree in Sharm El-Sheikh to discuss financing for loss and damage at the Climate Summit
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Member states agree in Sharm El-Sheikh to discuss financing for loss and damage at the Climate Summit

Member states agree in Sharm El-Sheikh to discuss financing for loss and damage at the Climate Summit

11/6/2022

At the opening session of the Climate Conference, Foreign Minister Sameh Shoukry announced the COP27 agenda, which included discussing mechanisms for financing losses and damages to developing countries due to the consequences of climate change.

According to multiple sources, the file of losses and damages was the topic that took the most time from formal and informal discussions over the course of 20 hours until 4 am this morning. An agreement was reached for the first time to discuss financing arrangements for losses and damages, with plans to discuss the mechanisms and process of financing and to end those discussions by 2024.