COP27 yields 'historic' deal on climate loss and damage

IN what has been hailed as a "breakthrough" achievement, negotiators from nearly 200 countries agreed to set up a "loss and damage" fund meant to help vulnerable countries cope with climate disasters after two weeks of negotiations at COP27 in Sharm El-Sheikh, Egypt. Experts said that although the landmark agreement will serve as a powerful response to developing countries' requests, it will only come into effect as long as rich countries honor their promises, rather than making another sham promise just to quell poorer countries' criticism.

China, a strong supporter of establishing a loss and damage mechanism, has been actively helping developing countries tackle climate issues via the South-South cooperation. But faced with pressure from the US and other countries for China to contribute to the loss and damage mechanism, experts said that the onus is first and foremost on rich countries, the main contributors to historical global warming, to pay for the mechanism, and that China will not be coerced or pressured on climate issues.