Source: The post is based on the article “COP-27: An opportunity for rich nations to help vulnerable communities” published in The Indian Express on 11th November 2022.
Syllabus: GS 3- Environment
News: The article discusses the developments made at CoP-27 Summit.
What were the major developments made at CoP-27 Summit?
There are two important developments – a) inclusion of “loss and damage” and b) early warning of the hazardous weather globally.
The UNFCCC has decided to compensate countries that suffered loss and damage and came up with a plan to ensure that everyone on the planet is warned of hazardous weather in the next five years.
These concepts are not new as loss and damage was first discussed at COP 19 in Warsaw in 2013. Efforts were made in developing warning systems to protect people in the past. However, the required progress wasn’t made.
What are the Challenges?
One of the major concerns is the investment. Developing countries are not taking efforts to fulfil their funding commitments while the harm caused by the extreme weather condition is increasing.
For example, the economic loss from cyclone Amphan in India and Bangladesh in 2020 was assessed at $15 billion.
Therefore, there will be a need to solve the issue of funding of the developed countries.