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 breakth…

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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. Climate justice activist Asad Rehman says the fund is a “glimmer of hope” despite the summit ending with a massive expansion of carbon markets and delegates making “no progress” to phase out fossil fuels.


This content originally appeared on Democracy Now! and was authored by Democracy Now!.


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» U.N. Climate Summit Agrees to Historic Loss and Damage Fund But Rejects Calls to Phase Out Fossil Fuels | Democracy Now! | Radio Free | https://www.radiofree.org/2022/11/21/u-n-climate-summit-agrees-to-historic-loss-and-damage-fund-but-rejects-calls-to-phase-out-fossil-fuels/ | 2023-02-01T18:12:23+00:00
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