COP27: Compensation for developing countries due to climate change damage. Jeongmin Yoon, ESG Intern, American University.
Sameh Shoukry, president of the COP27 climate summit, receives a standing ovation following a speech during the closing plenary session at the U.N. Climate Summit, Sunday, Nov. 20, 2022, in Sharm el-Sheikh, Egypt. (AP Photo/Peter Dejong) At the 27th General Assembly of the Parties to the United Nations Framework Convention on Climate Change ( COP27 ), the creation of a fund to compensate developing countries for "loss and damage" due to climate change was approved. COP27 closed on the 20th of November (local time) after adopting the final agreement, the " Sharm el-Sheikh Implementation Plan ," two days after the original closing date. The general meeting was held in Egypt on the African continent, which has been severely damaged by global warming (extreme drought), factors like "adaptation" and "loss and damage" were discussed as the biggest issues between developed and developing countries. At the general meeting, developing countries de