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LATEST NEWS UPDATES | World has waited far too long for this: India on compensation fund approved at UN climate talk

World has waited far too long for this: India on compensation fund approved at UN climate talk

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published Published on Nov 20, 2022   modified Modified on Nov 20, 2022

-PTI/ The Telegraph

Developing countries need independence in their choice of energy mix, and in achieving the sustainable development goals, says environment minister

India on Sunday called as historic the UN climate summit in Egypt for securing an agreement on establishing a fund to address loss and damage due to climate change-induced disasters, saying "the world has waited far too long for this".

Making an intervention in the closing plenary of COP27, Union Environment Minister Bhupender Yadav also said the world should not burden farmers with mitigation (reducing emissions of greenhouse gases) responsibilities.

"You are presiding over a historic COP where agreement has been secured for loss and damage funding arrangements including setting up a loss and damage fund. The world has waited far too long for this. We congratulate you on your untiring efforts to evolve consensus," Yadav said addressing the Egyptian presidency.

A fund to address loss and damage, which refers to destruction caused by climate change-induced disasters, was a long-pending demand of poor and developing countries, including India, and the key element at this year's UN climate summit.The success of the talks hinged on progress on this track.

Developed nations, particularly the US, had been opposing this new fund over fears that it would hold them legally liable for massive damages caused by climate change.

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PTI/ The Telegraph, 20 November, 2022, https://www.telegraphindia.com/india/world-has-waited-far-too-long-for-this-india-on-compensation-fund-approved-at-un-climate-talk/cid/1899191


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