The Breakthrough Agreement on Loss & Damage Finance Facility at COP27
The fundamental principle guiding international climate politics is that countries that grew wealthy by emitting greenhouse gasses have an obligation to reduce emissions more quickly than those that emit less. It’s particularly well-known that richer countries, usually in the global north, are historically the biggest contributors to global emissions. However, greenhouse gasses don’t limit themselves to national borders; the global climate is affected by emissions everywhere.
Recently, the effects of climate change on the world's water supplies have become more noticeable. The delicate balance of our water systems is being drastically changed as global temperatures rise, precipitation patterns change and extreme weather events increase in frequency and severity. According to C40 knowledge hub, more drought-related disasters have occurred since 2000 than in the preceding two decades, and at least 79 megacities have experienced severe water shortages.