- Delegates from nearly 200 countries kicked off the U.N. climate summit in Egypt on Sunday with an agreement to discuss compensating poor nations for mounting damage linked to global warming, placing the controversial topic on the agenda for the first time since climate talks began decades ago.
- For more than a decade, wealthy nations have rejected official discussions on what is referred to as loss and damage, the term used to describe rich nations paying out funds to help poor countries cope with the consequences of global warming for which they bear little blame.
- Despite increased momentum to address loss and damage due to a rise in climate change-fueled disasters, COP27 faces headwinds to raising cash – with western governments’ budgets depleted from huge spending to shield their citizens from the economic fallout of the war in Ukraine.
COP27 kicks off with deal to discuss climate compensation
