Pakistan welcomes COP27's Loss and Damage Fund; urges early operationalisation.

ISLAMABAD -- Pakistan on Sunday welcomed the establishment of a fund to address loss and damage caused by climate-induced disasters and called for its early operationalization to bridge a major gap in the climate finance architecture.

The foreign office spokesperson, in a statement, said that the consensus decision taken by the COP27 in Sharm El-Sheikh (Egypt) was a momentous achievement, especially for the Group of 77 and China, as the developing countries have been demanding such a fund for the past 30 years.

The spokesperson said the catastrophic climate change-induced floods in Pakistan early this year that resulted in losses and damages of over US$ 30 billion refocused global attention on this critical issue.

'Pakistan, as Chair of the Group of 77 and China, galvanized support for the establishment of Fund in COP 27 in Sharm El- Sheikh, first by having it placed on the Agenda of the Conference, and then pushing for a consensus agreement.'

The dedicated 'Fund for Loss and Damage' will address losses and damages in developing countries, such as Pakistan, which were particularly vulnerable to the adverse impacts of Climate Change.

'Pakistan...