From historic to disappointing: the decisions of Sharm el-Sheikh

By
Lukas Scheid

Just a week ago – at the halfway point of COP27 – it was considered almost impossible that a fund for loss & damage would come to be. Now it has been decided and is to come next year. It is a historic decision, as developing countries have been calling for a financial instrument to address loss and damage resulting from climate change for 30 years. Christoph Bals, political director of Germanwatch called it an important breakthrough. He says the German government was instrumental in getting the EU and other industrialized countries to warm up to this fund.