Pakistan applauded the creation of a “loss and damage” fund for vulnerable nations as the first step in confirming the essential principles of climate justice on Sunday.
The establishment of a special fund to compensate for the losses incurred by vulnerable nations affected by the effects of global warming has been agreed upon at the UN’s COP27 climate summit.
Following two weeks of acrimonious talks over demands by poor nations for rich polluters to compensate them for the damage caused by weather extremes, delegates cheered when the “loss and damage” fund was unanimously agreed.
Federal Minister for Climate Change Sherry Rehman stated in a series of tweets that it took 30 years from the time of demand to the creation of the loss and damage Fund for 134 countries.
“We appreciate the joint text that was released today after several late-night discussions. It represents a crucial first step in reinforcing the fundamentals of climate justice” added the minister.
At COP27, Pakistan and other climate-vulnerable nations demanded that the international community take action to mobilize loss and damage funds for disaster-hit nations. Some argue that wealthy nations must pay these costs because they are largely to blame for global warming due to their historical emissions.
Rehman said that now that the fund has been established, Pakistan looks forward to seeing it operationalized and develop into a strong organization that can quickly respond to the needs of the weak, the fragile, and those who are most affected by climatic disasters.
The minister claimed that the announcement gives vulnerable people fighting for life from climate stress around the world hope.
