The decision by nations around the world to set up a fund to help poor countries that have been hit hard by a warming planet was one of the most significant rulings in the history of U.N. climate talks. Here is a look at the deal.
How the loss and damage fund will fit in with “other institutions, agencies that are out there doing humanitarian work, helping people rebuild, dealing with migration and refugee crises, dealing with food security, water security” will need to be worked out, said David Waskow, the World Resources Institute international climate director.REBUILDING TRUST
Beyond just financial help, setting up the fund is seen as a huge step forward, but how it’s ultimately viewed will depend in part on how fast it can be set up. In the closing session Sunday, Antigua’s Lia Nicholson said the transitional committee should be set up immediately and given clear mandates.There is a credibility gap because of past broken promises.
In 2009, rich nations agreed to provide $100 billion a year to help developing countries transition to green energy systems and adapt to climate change. However, to date, that initiative has never been fully funded.One of the main reasons that rich nations long opposed such a loss and damage fund was the fear that it would open then up to long-term liability.
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