Developing countries win big at COP27 – but only in theory for now

THE decision to create a loss-and-damage fund towards the end of negotiations at the 27th United Nations climate conference (COP27) at the Egyptian beach resort town of Sharm El-Sheikh was hailed as a historic moment since climate talks began decades ago. 

Such a fund has been long shunned by the developed world over concerns of legal liabilities surrounding historic emissions, but developing countries and those vulnerable to the effects of climate change can now claim the fund as a diplomatic coup after years of pushing for it.

The establishment of this fund essentially means that developing countries, which often bear the brunt of the devastating impacts of climate change, are able to receive funding to cover permanent losses from extreme weather events.