The new date is Nov 20, 2022, 06:23amEST.
A fund to help poorer nations deal with climate disasters, which have been blamed on decades of carbon emissions from developed nations, was set up at the end of the U.N. conference in Sharm El Sheikh, Egypt.
Sameh Shoukry is the president of the COP 27 climate summit.
The landmark "loss and damage" fund agreement which proponents say is an act of "climate justice" came after developed industrial nations faced criticism for their role in driving up global temperatures, the impact of which was more acutely felt by poorer and more vulnerable nations.
Poorer and more vulnerable countries will be able to be compensated for climate disasters.
The New York Times reported that the U.S. and European nations agreed to a loss and damage fund on the condition that China would not be able to get money from it.
The exact details on how the fund will operate are yet to be determined, but the participants of the COP 27 climate conference agreed to set up a "transitional committee" to recommend how it should be funded and operationalized
The text of the agreement includes references to natural gas as "low emission" energy, raising concerns that this may endorse the use of a carbon emitting fossil fuel that several nations are pushing to cut back on.
The goal of limiting the rise of global temperature is retained by the final agreement.
The establishment of a Loss and Damage fund is not charity according to Pakistan's environment and climate change minister. Our futures have a down payment. It's a small down payment on climate justice. She said that the announcement offered hope to vulnerable communities all over the world who are fighting for their survival from climate stress. There is some credibility to the process. Severe flooding in the southern part of Pakistan has resulted in at least 1,717 deaths and has impacted 33 million people, including 16 million children.
The British lawmaker and former Cabinet minister who presided over the COP26 conference in Glasgow criticized the final agreement warning that it backslides on last year's agreement. This text isn't in it. Follow through on the phase down of coal This text isn't in it. All fossil fuels will be phased out. This text isn't in it. The energy text was weak in the last minutes. The pulse of 1.5 degrees was not strong. It is still on life support.
The UN climate talks ended with a deal to pay poor nations for damage.
The officials issued warnings at the summit.
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