Sharm El Sheikh - Agencies:
The countries participating in the Climate Conference (COP 27) held in Sharm El-Sheikh, Arab Republic of Egypt, agreed to establish a fund to assist poor countries affected by climate disasters.
The session approved a provision in the text to create a "loss and damage" fund to help developing countries bear the immediate costs of climate change impacts such as storms and floods.
"The Conference of the Parties to the United Nations Framework Convention on Climate Change, in its 27th session (COP27), is the first conference to approve the issue of losses and damages," said the spokesman for the Egyptian Ministry of Foreign Affairs, Ambassador Ahmed Abu Zeid, in a statement published by the Middle East News Agency (MENA). It seeks to establish a clear mechanism for cooperation with this subject.
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