U.N. Climate Summit Agrees to Historic Loss and Damage Fund But Rejects Calls to Phase Out Fossil Fuels
Rich countries agreed to establish a “loss and damage” fund at the close of the two-week-long U.N. climate summit in Egypt to help the Global South deal with the worst effects of the climate catastrophe. The fund is a major breakthrough for Global South countries, which have been demanding a similar mechanism for the past 30 years but faced opposition from the United States and other large polluting nations.