COP27, as the meeting is known, didn’t start auspiciously — though to be honest, these things are always fraught affairs. Nearly everyone involved is trying to wean the world off carbon, but that doesn’t mean they agree on how to get there. Wealthy nations, having already burned a bunch of fossil fuels, haven’t been keen to pay for it. Poorer countries, who aren’t responsible for much warming at all, just want cheap energy so their people don’t have to live in poverty. Given that cheap energy often comes from the most polluting sources, both camps are usually at loggerheads.

That’s why not many people had high hopes for this Conference of the Parties of the United Nations Framework Convention on Climate Change (COP). That pessimism was partially validated by the fact that COP27 did nothing to rein in runaway carbon pollution.

But it wasn’t all a waste of time and effort. Something beneficial and substantial did emerge: a deal to provide financial support for poorer countries that are most vulnerable to climate change — countries like Bangladesh and the Marshall Islands, which are threatened by rising sea levels, and Pakistan, which suffered record flooding in September.

Poorer countries have been pushing for a loss-and-damage fund for over 30 years, and it appears like they’ll be getting one at last.

The “loss and damage” fund, which was announced yesterday, is still just a skeleton. Countries have another year to work out the details, but here’s the gist: Money will flow from rich countries to “particularly vulnerable” ones to help them mitigate and adapt to a climate that’s increasingly hostile to them.

Private investors appear key to COP27’s ‘loss and damage’ fund for vulnerable countries by Tim De Chant originally published on TechCrunch