First step in reaffirming climate justice, Pakistan says as COP27 adopts 'loss and damage' fund.

ISLAMABAD -- Pakistan Sunday welcomed a UN climate summit's initiative to set up a "loss and damage" fund for vulnerable countries and termed it the "first step in reaffirming the core principles of climate justice".

The UN's COP27 climate summit has approved the creation of a special fund to cover the losses suffered by vulnerable nations hit by the impact of global warming.

Delegates applauded after the "loss and damage" fund was approved by consensus following two weeks of contentious negotiations over demands by developing nations for rich polluters to compensate them for the destruction from weather extremes.

In a series of tweets, Federal Minister for Climate Change Sherry Rehman said it's been a long 30-year journey from demand to the formation of the loss and damage Fund for 134 countries.

"We welcome today's announcement and joint text hammered out thru many nights. It's an important first step in reaffirming the core principles of climate justice," the minister said.

Pakistan and other climate-vulnerable countries - at the COP27 -had demanded the international community to take steps to mobilise "loss and damage" funds for disaster-hit nations, and some say rich nations must pay these costs because their historical emissions are mostly responsible for global warming.

Rehman noted that now that the fund has been established, Pakistan looks forward to it being operationalised and becoming...