Cuba celebrates the creation of the loss and damage fund at COP27


Havana, November 20. The Government of Cuba celebrated this Sunday the agreement reached at the COP27 climate summit in Egypt to create the fund for losses and damages derived from global warming in especially vulnerable nations, an “achievement” for island and developing countries.

Cuban Foreign Minister Bruno Rodríguez indicated on Twitter that the agreement must now be detailed, especially in the financial sphere to “be effective.”

“The creation of the fund to finance losses and damages due to the adverse impact of climate change is an achievement for developing countries, including small island states, grouped in the G77 and AOSIS,” two associations of countries, Rodríguez said.

Now, the minister continued, “the agreement must be finalized” in the area of ​​”financial resources”, both new and additional.

For this fund to be “effective” financial flows must be “predictable and adequate,” argued the Cuban foreign minister, following the line historically defended by developing countries.

In the plenary session of COP27 in the early hours of Sunday, the international community approved a new financing mechanism for reparations for damage caused by global warming in the most vulnerable countries.

The proposal, which still has many details to be outlined, supports the “mosaic solution” requested by the negotiating bloc of the European Union, among other countries, in response to the demand of developing countries and island states. EFE

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