________ UN Conference of Parties (COP27) of the UNFCCC created a special fund for loss and damage which will be used for funding for vulnerable countries hit hard by climate disasters.

The 27th UN Conference of Parties (COP27) of the UNFCCC closed with a breakthrough agreement to provide “loss and damage” funding for vulnerable countries hit hard by climate disasters. Nearly 200 countries struck a historic deal to establish a new fund for climate “loss and damage” – it will give money to the nations hit hardest by the effects of climate change. Creating a specific fund for loss and damage marked an important point of progress, with the issue added to the official agenda and adopted for the first time at COP27.