Agreeing.pdf

The UN Conference of the Parties (COP27) and the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement have proposed a draft decision to establish new funding arrangements for responding to loss and damage associated with climate change. The decision acknowledges the urgent need for new financial resources to assist developing countries vulnerable to climate change and decides to establish a fund for responding to loss and damage. A transitional committee will be established to make recommendations for operationalizing the new funding arrangements, including the fund, with a focus on addressing loss and damage. The recommendations will consider institutional arrangements, defining new funding arrangements, identifying and expanding sources of funding, and ensuring coordination and complementarity with existing funding arrangements.