Explained: Why COP27’s ‘Loss And Damage’ Is Significant

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By Nikhil Ghanekar Following days of intense negotiations, nearly 200 countries agreed on the creation of a new global ‘loss and damage’ fund for vulnerable countries facing devastation from extreme weather events triggered by climate change. The creation of the new fund was considered a silver lining at the conclusion of the annual 2022 United Nations Climate Change Conference (COP27), even though little progress was made on the other big agenda of cutting carbon emissions that contribute the most to climate change. While the decision to create this new fund was celebrated, much of the spadew…

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