WEB DESK
In a big positive, the UN Climate Change summit kicked off 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.
On the opening day of the COP27 summit in the seaside resort town of Sharm el-Sheikh, negotiators agreed to discuss the creation of an international mechanism for compensating poor countries that suffer large-scale damage due to climate disasters.
Environment Minister Bhupendra Yadav who is leading the Indian delegation at the conference, it is an important move in the right direction. He said, now, it must be ensured that it is taken forward with complete transparency, keeping in mind the needs of the poorer and most vulnerable countries. Mr. Yadav emphasized that India is in full support of the move.
The decision to include the issue of loss and damage, as it is referred to in the climate negotiations, in the main agenda comes in the wake of a series of unprecedented climate disasters this year including Europe’s worst drought in 500 years, Pakistan’s worst ever flooding and extensive heat waves in several parts of the world.
The demand for loss and damage finance is old, but it has faced strong resistance from the rich and developed countries.
At COP26 last year in Glasgow, high-income nations, including the United States and the European Union blocked a proposal for a loss and damage financing body, instead supporting a three-year dialogue for funding discussions. But the pressure to address the issue has been increasing as weather calamities mount.