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Cuba highlights importance of creating fund at COP27

Cuba highlights importance of creating fund at COP27

Havana, Nov 20 (Prensa Latina) Cuba on Sunday highlighted the importance of creating a special fund to cover damages and losses in countries vulnerable to climate change, agreed upon at the closing session of the Climate Summit, COP27.

On its Twitter account, the Cuban Foreign Ministry stressed that the meeting concludes two days later than expected after intense negotiations, and pointed out that the capital must be based on “new, additional, predictable and adequate” financial resources.

Cuban Foreign Minister Bruno Rodriguez also tweeted about the importance of the urgency now to “implement decisions on vital issues such as a fund to financial losses and damages, mitigation, adaptation, and a new financial goal.”

The head of Cuban diplomacy pointed out that the “principle of common but differentiated responsibilities” should prevail as a priority and acknowledged that the recent announcement is an achievement of the developing countries, including small island states, grouped into blocs such as the G-77.

According to the website of the United Nations, the meeting, held in Egypt on November 6, ended with other commitments such as the reduction of greenhouse gases and the promotion of support for financing, technology, and capabilities.

According to the publication, the attending governments agreed to establish a transition committee aimed at promoting emergent recommendations on the implementation of these agreements and the amounts of COP28 next year; as well as pledges to contribute to the Adaptation Fund.

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