THE 27th United Nations Climate Change Conference (COP 27) established a loss and damage fund for vulnerable countries hit by climate disasters, reports Athens' Safety4Sea.
In practice, this means that rich nations would pay poorer countries for the damage and economic losses caused by climate change.
During the negotiations, the EU supported the idea of contributions from oil and gas companies and levies on air tickets and shipping containers to go towards a loss and damage fund.
While the meeting was expected to set an ambitious timeline for shipping to decarbonise, the progress on climate ambition was generally perceived to be weak.
From November 6 to 20, the COP27 gathered 45,000 participants, including 100 Heads of State, government representatives, scientists, policymakers, and activists, in the Egyptian coastal city of Sharm el-Sheikh to discuss the future of climate action around the world and across different sectors.
Although these emissions must be eliminated by 2080 for the industry to align with the Paris Agreement, the UN'S International Maritime Organisation's (IMO) current plan is to halve emissions by 2050.
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