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Loss and Damage Fund”: a victory for ‘Third World’ Countries

ISLAMABAD: Establishment of “Loss and Damage” Fund at the end of COP27 Conference must be a sigh of relief for “Third World” countries like Pakistan.

During a recent United Nations’ COP27 Climate Conference in Egypt, Countries have adopted a final agreement that establishes a fund to help poor nations cope with the extreme weather events caused by global warming. The historic agreement is known as “Loss and Damage” fund.

In context of a devastating economic background, the agreement will provide a much needed ease for country like Pakistan. “Third World” nations have been demanding the establishment of such fund for a very long time.

According to China Economic Net, Pakistan oversees this development as huge diplomatic achievement. Pakistan not only had obtained the support of international community over the issue of inclusion of agreement in conference’s agenda, but also stressed need for a unanimous agreement.

Pakistan’s foreign minister Bilawal Bhutto commented on this achievement as a victory of “climate justice”. In view of devastation caused by recent floods in Pakistan, this was an achievement for whole developing world, he said.