COP27 loss and damage fund agreement unlikely to create region-wide climate support for developing nations in North East Asia and Oceania

Key points

• Event: Between 6 and 18 November governments from around the world convened in Egypt for the 27th Session of the Conference of Parties (COP27) to the UN Framework Convention on Climate Change (UNFCCC).
• Significance: Parties of the COP27 reached agreement on the establishment of an international loss and damage fund, to help developing nations manage the costs incurred because of climate change.
• Outlook: Although seeking support for climate initiatives will almost certainly remain a priority for developing nations in the region of North East Asia and Oceania, contributions to address the loss and damage caused by climate change are not likely to change developed nations' contributions to regional climate security.

Event:

Between 6 and 18 November, governments, civil society groups, and private companies met in Egypt for the 27th Session of the Conference of Parties (COP27). A major area of contention was the financing of efforts to tackle climate change, especially related to the economic and non-economic loss and damage caused by the effects of climate change. Loss and damage refers to the costs already incurred by climate change and includes impacts such as damage to agriculture and food production, the migration of people, and loss of culture. This was the first time that loss and damage funding had been included on the UN Framework Convention on Climate Change (UNFCCC) COP agenda. Extended negotiations beyond the end of the conference resulted in a commitment to establish an international loss and damage fund in the final COP27 document on 20 November.

Significance: