Question

Which of the following breakthrough decisions was taken at the COP 27 (8-20 Nov 2022, Sharm el-Sheikh, Egypt)?

• A. Establish and operationalize a "global early warning system" for weather events
• B. Establish and operationalize a "global ecosystem services payments mechanism"
• C. Establish and operationalize a "loss and damage" fund
• D. Accept and operationalize a "global carbon tax and trading mechanism"
• E. Accept and operationalize a "Net zero" target for every country

Answer 1

The Correct Option is C

At the COP 27 conference held from November 8 to November 20, 2022, in Sharm el-Sheikh, Egypt, a major breakthrough decision was made to establish and operationalize a "loss and damage" fund. This decision aimed to address the economic damages caused by climate change in vulnerable countries. Here, let's explore the information in detail:

Option	Description
Global Early Warning System	Focuses on alerting nations about potential weather events to mitigate impacts.
Global Ecosystem Services Payments	Involves financial transactions for conserving ecosystem services.
Loss and Damage Fund	Provides financial support for countries facing climate change impacts.
Global Carbon Tax and Trading	Involves taxing carbon emissions and trading carbon credits worldwide.
Net Zero Target	Sets a goal for countries to achieve net-zero carbon emissions.

The establishment of the "loss and damage" fund was a significant decision because it acknowledged the need for financial mechanisms to assist countries disproportionately affected by the impacts of climate change, thereby addressing a long-debated issue within international climate negotiations. This move marks a historic development in international climate efforts by formally recognizing and attempting to mitigate the economic consequences of climate change for those most vulnerable. Therefore, the correct answer is: Establish and operationalize a "loss and damage" fund.