Pedro Luis Pedroso, Cuba’s representative to the UN, on behalf of the Group of 77 plus China, attends a coordination meeting of the Transition Committee of the Loss and Damages Fund, which began yesterday in the city of Luxor.
“A major process to set up Funds begins to enable developing nations to meet their environmental goals,” Pedroso wrote on Twitter.
The creation of the fund was adopted during the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change, held last November in the Egyptian resort of Sharm El-Sheikh.
The initiative, an old demand of the South, sparked heated debates in that meeting due to the rejection by several rich powers.
The details of the operation will be drawn up by a committee formed by 24 countries, three of them from Latin America and the Caribbean. The final document will be presented at the COP28 summit which will take place next November, in the United Arab Emirates.
According to a recent report by the Loss and Damage Collaboration, a group of more than 100 researchers, 55 of the most climate-vulnerable economies suffered economic losses of more than $500 billion dollars from 2000 to 2020.
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