The 27th UN Conference of Parties (COP27) today agreed for establishing the special Loss and Damage Fund. The Fund will help to make up for the losses suffered by developing nations that are vulnerable to climate change. Confirming the agreement for creating a Loss and Damage Fund, the COP27 in a tweet said, history was made today at COP27 in Sharm El-Sheikh as parties agreed to the establishment of a long-awaited loss and damage fund for assisting developing countries that are particularly vulnerable to the adverse effects of climate change.

The delegates at the COP27 applauded after the Loss and Damage fund was adopted after days of negotiations over the proposal. Negotiators and non-governmental organizations stressed that the fund was a significant achievement.