COP27: India welcomes 'loss & damage fund', says 'world has waited far too long for this'

Sharm El-Sheikh [Egypt], November 20 (ANI): Union Minister for Environment, Forest and Climate Change Bhupender Yadav called COP27 a "historic COP" adding that "the world has waited far too long for the 'loss and damage fund' agreement."
The minister was speaking at the closing plenary of the United Nations Climate Change Conference (COP 27) held today at Sharm El-Sheikh. In his remarks at the closing session of the COP27, Yadav welcomed the transition to a Sustainable Lifestyle and sustainable patterns of consumption.
He stated that India welcomes efforts to address climate change. Addressing the Egyptian Presidency, Bhupender Yadav called it a "historic COP" where an agreement was made for a "loss and damage funding" arrangement. He noted that the world has waited "far too" long for the loss and damage funding agreement.
"You are presiding over a historic COP where agreement has been secured for loss and damage funding arrangement including setting up a loss and damage fund. The world has waited far too long for this," Bhupender Yadav said in his remarks at the closing session of the COP27.
"We congratulate you on your untiring efforts to evolve consensus," he added.
Bhupender Yadav said, "We also welcome the transition to Sustainable Lifestyle and sustainable patterns of consumption and production in our efforts to address climate change in the cover address."
He further said, "We note that we are establishing a four-year work programme on climate action, agriculture and food security. Agriculture, the mainstay of livelihood for millions of smallholders of farmers will be hard hit by climate change. So, we should not burden them with mitigation responsibilities."
Yadav noted that India has kept agriculture">mitigation in agriculture out of its NDCs. He announced that India is creating a work programme on just transition. Highlighting the importance of just transition, Union Minister for Agriculture said, "For most developing countries, just transition cannot be equated with decarbonisation but with low carbon development."
In his remarks at the closing session of the COP27, Bhupender Yadav said, "Developing countries need independence in their choice of the energy mix and in achieving the SDGs. Developed countries taking the lead in climate action is, therefore, a very important aspect of the global just transition."
Earlier, United Nations Secretary-General Antonio Guterres welcomed the decision to establish a "loss and damage fund." In a video message to the 27th Meeting of the Conference of Parties to the UN Framework Convention on Climate Change, Guterres called the creation of a "loss and damage fund" an "important step" towards justice.
Guterres stressed that the decision will not be enough but noted that it is a "much-needed political signal to rebuild broken trust." In his remarks, he expressed gratitude to the Egyptian government and COP27 President Sameh Shoukry for their hospitality. He appreciated the delegates and members of civil society who came to Sharm el-Sheikh to push leaders for climate action.
"The conference has taken an important step towards justice. I welcome the decision to establish a loss and damage fund and to operationalize it in the coming period," Antonio Guterres said in the video message.
"Clearly this will not be enough, but it is a much-needed political signal to rebuild broken trust," he added.
On Sunday, the delegates at the COP27 agreed for establishing the "Loss and Damage Fund." The "Loss and Damage Fund" will help to make up for the losses suffered by developing nations that are vulnerable to climate change. (ANI)