The government of the Maldives has welcomed the agreement at the United Nations Climate Change Conference (COP27) to establish a special fund to provide financial assistance to overcome the damage caused by climate change.
An agreement to establish the Loss and Damage Fund at COP27 was one of the key decisions taken during the COP27 summit held in Sharm El-Sheikh, Egypt. The aim of the fund is to provide financial assistance to small island countries to overcome the damage caused by climate change. The fund is to be supported by the developed countries of the world. The exclusion of China, which is among the emerging economies, was opposed by many major countries. Major countries have agreed to set up the fund, but the 2009 summit has not yet paid USD100 billion a year to help countries recover from climate change.
In a tweet, Minister of Environment, Climate Change and Technology Aminath Shauna said the efforts of many countries have achieved great success. She also said the most desirable solution has not been found yet although the Maldives has advocated for countries to come together to reduce emissions in the past two weeks.
Meanwhile, Minister of Foreign Affairs Abdulla Shahid also said in a tweet that the success of the summit was the end of a long wait for developing countries like the Maldives. He described it as a historic achievement for the country.
One of the biggest advocates of small island nations at the world's largest environmental summit this time around was to facilitate smaller countries to receive financial assistance from larger developed countries to overcome climate change. As in the past, the issue of the larger countries not paying enough attention to the calls of the smaller countries has been heated at the summit. However, the efforts of the small island countries to bring all the countries together in this regard have been successful following the establishment of the agreement.