In COP27, European Union provided a proposal about financing funds for countries that have been hit by climate-stricken disasters
During the COP27 summit, all the world leaders gathered to discuss the condition of the planet and how the affected countries can be helped.
European Union proposed that strong economies should develop a special fund for covering loss and damage in the countries that are mainly facing climate issues.
The chief of climate policy Frans Timmermans said, “what we would propose is to establish a loss and damage response fund for the most vulnerable countries.”
Almost all of the countries have agreed to this proposal.
Moreover, EU has set conditions for this proposal, which suggests that countries should agree to cut planet warming emissions at all costs.