UN Climate Conference Approves Climate Change Reparations Fund

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The 27th session of the Conference of the Parties on climate change organized by the United Nations (COP27) has wrapped up its two-week proceedings at Sharm el Sheikh, Egypt. The conference parties are the nearly two hundred countries that agreed to the 1992 United Nations Framework Convention on Climate Change. COP27 culminated in the parties’ approval of an agreement to establish a climate change “loss and damage” fund for developing countries, in what amounts to reparations for the havoc from natural disasters these countries allegedly suffered as a result of climate change. Many of the details of the new fund are yet to be worked out, such as identifying the public and private sources of the funding, the fund’s governance structure, and upon what basis it would be decided who should pay what amount. But one thing is clear. Another massive global wealth redistribution scheme is born.