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COP27: Small island nations want Big Oil to pay up for climate damage

Reuters · Reuters · last updated

Small island nations suffering the brunt of climate change want Big Oil to pay for mounting damage from ocean storms and sea-level rise, Antigua’s prime minister told delegates at the COP27 climate summit in Egypt on Tuesday.

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Related Knowledge Center: Climate diplomacy: COP 27

State of Play

The 27th Conference of the Parties (COP 27) produced a groundbreaking agreement to create a “loss and damage” fund to help developing nations cope with the impact of climate change.

But the conference, held from Nov. 6 to Nov. 20, 2022, in Sharm el-Sheik, Egypt, fell short of a hoped-for agreement to speed reductions of greenhouse gas emissions.

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