Historic compensation fund approved at UN climate talks

Following marathon talks over the last two extended days, the United Nations Framework Convention on Climate Change Conference of the Parties (COP27) have finally agreed to the establishment of a historic "loss and damage fund" as part of the Sharm El-Sheikh Implementation Plan on climate change agenda for the first time.
"Climate talks had taken an important step towards justice with the loss and damage fund,"  the UN chief Antonio Guterres said adding that clearly, this won't be enough, but it is a much needed political signal to rebuild broken trust. The voices of those on the frontline of the climate crisis must be heard," he said in a recorded message.
However, the agreement saw Parties recommit to keeping the 1.5�C target for global temperature rise intact and significant progress made across the board on climate issues. According to the declaration, the new fund will see donors contribute to a global fund to save lives and livelihoods from climate change related disasters.
Governments also agreed to establish a 'transitional committee' to
    make recommendations on how to operationalize both the new funding arrangements and the fund at COP28 next year. The first meeting of the transitional committee is expected to take place before the end of March 2023.
 "We heard the calls, and we responded. Today, here in Sharm El-Sheikh, we established the first-ever dedicated fund for loss and damage, a fund that has been so long in the making. It was only appropriate that this COP, the implementation COP in Africa, is where the fund is finally established. Millions around the globe can now sense a glimmer of hope that their suffering will finally be addressed, swiftly and appropriately," Speaking about the historic decision on loss and damage COP27 President H E Sameh Shoukry said Sunday.
COP27 brought together more than 45,000 participants to share ideas, solutions, and build partnerships and coalitions. Indigenous peoples, local communities, cities and civil society, including youth and children, showcased how they are addressing climate change and shared how it impacts their lives.
 "We've just adopted the landmark Sharm El-Sheikh Mitigation Ambition and Implementation Work Programme that will hugely contribute to keeping 1.5 within reach, and I trust that we all know what needs to be done to safeguard 1.5 and ensure that we never go beyond," COP President Shoukry said
Meanwhile, Runacher on Sunday said it regretted the "lack of ambition" in the agreement reached at the COP27 climate summit in Egypt despite progress on providing funding for vulnerable countries.
"No progress" was made on making additional efforts to reduce greenhouse gas emissions and abandoning fossil fuels, energy minister Agnes Pannier-Runacher said in a statement.