Fund’s passage hailed as potential turning point that acknowledges the vast inequities of the climate crisis
A historic deal to set up a “loss and damage” fund to pay poorer countries harmed by the impacts of the climate crisis has been agreed to at a UN summit, capping a decades-long fight by climate campaigners and developing nations.
The decision marked a breakthrough at the climate negotiations, where for years developing countries have pressed wealthier nations to provide a form of compensation for the droughts, wildfires, floods and other escalating climate impacts they’ve faced due to the planet-heating emissions that have mostly come from the richest corners of the world.
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