China says there is “a long way to go” after agreement at COP27

For Chinese Foreign Ministry spokesman Mao Ning, “the absence of a clear roadmap” for financing aid for poor countries in the fight against climate change “does not contribute to building mutual trust between North and South”.

Furthermore, he stated, “developed countries have not yet fulfilled their commitment to transfer 100 billion dollars” per year to help the most vulnerable nations adapt to climate change.

During the summit, China – the world's biggest polluter – rejected the idea that it should no longer be considered a developing nation, even though it is currently the second largest economy on the planet.

The issue dominated negotiations at COP27, when it came to establishing a fund to compensate for losses and damages in poor countries most affected by climate change.

COP27 approves historic compensation fund

The UN climate conference (COP27) approved this Sunday (20) the creation of a loss and damage fund for countries vulnerable to climate change, a long-standing demand from the poorest nations. But the final declaration was criticized and considered unambitious by UN Secretary-General Antonio Guterres and the European Union (EU).

The summit meeting, which ended on Sunday, approved the creation of the fund for “particularly vulnerable” states. But it failed to make progress in reducing polluting emissions to maintain the objective of limiting global warming to +1,5ºC, established in the 2015 Paris Agreement.

(With AFP)