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sharm el sheikh [Egypt], Nov. 20 (ANI): UN Secretary-General Antonio Guterres has welcomed the decision to establish a “Loss and Damage Fund”. In a video message to the 27th meeting of the Conference of the Parties to the United Nations Framework Convention on Climate Change, Guterres called the establishment of the Loss and Damage Fund an “important step” towards justice.
Guterres stressed that the decision was not enough, but noted that it was “a much-needed political signal to rebuild broken trust”. In his speech, he thanked the Egyptian government and COP27 Chairman Sameh Shoukry for their hospitality. In the statement, he thanked the delegates and members of civil society who came to Sharm el-Sheikh to push leaders for climate action.
“The meeting was an important step towards justice. I welcome the decision to establish the loss and damage fund and make it operational for some time to come,” Antonio Guterres said in a video message.
“Clearly this is not enough, but it is a much-needed political signal to rebuild broken trust,” he added.
Antonio Guterres stresses that climate chaos is a ‘biblical crisis’. He stressed that the meeting was driven by two themes – “justice and ambition”. He said the voices of those on the front lines needed to be heard.
Guterres said in a statement that financial institutions and multinational banks need to “accept more risk and systematically use private finance to finance developing countries at a reasonable cost.”
Expressing concern over the state of the climate, Guterres said our planet continues to be in an “emergency room”. He called for reductions in emissions, stressing that the COP had not addressed the issue. The world still needs to make a “giant leap” in climate ambition, he said.
“Change the business models of multilateral development banks and international financial institutions. They must accept more risk and systematically use private finance to finance developing countries at a reasonable cost,” Antonio Guterres said in his speech.
“Our planet is still in the emergency room. We now need to drastically reduce emissions and that is something that this COP did not address,” he added.
On Sunday, the 27th United Nations Conference of the Parties (COP27) agreed to create a special “loss and damage fund”. The Loss and Damage Fund will help offset losses in developing countries vulnerable to climate change.
COP27 confirmed the agreement to establish a Loss and Damages Fund in a tweet, “Today’s #COP27 in Sharm El Sheikh made history as parties agreed to establish a long-awaited Loss and Damages Fund to assist Developing countries that are particularly vulnerable to the adverse effects of climate change”.
COP27 Chair Sameh Shoukry said: “I invite the CMA to adopt a draft decision on ownership funding arrangements to address loss and damage associated with the adverse effects of climate change, including a focus on addressing loss and damage contained in document FCCC/CP/2022/L18FCCC/PA /CMA/2022L20. No object. So decided.”
The 27th United Nations Climate Change Conference was originally scheduled to end on Friday. However, it has been extended by a day. On Friday, Egypt’s president called on negotiators to “shift gears” in order to reach an agreement on remaining sticking points. (Arnie)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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