Latin America Demands $100 Billion Annually from Rich Countries to Offset Climate Losses

During the Cop27 Climate Conference, which is being held in Sharm El-Sheikh, until November 18, the Organization of Latin American and Caribbean States said that it is necessary to obtain funding of $100 billion annually from rich countries to offset the losses and damages caused by climate change.

Argentine newspaper Infobae said that while a global action plan is being discussed at the COP27 climate summit to cut greenhouse gas emissions and prevent the earth from further warming, Latin American countries have made a common cause to demand more money for climate action.

The newspaper pointed out that the Organization of Latin American Nations said in a statement that "the rich countries of the Northern Hemisphere must take responsibility for the emissions they produce (the majority) and compensate the countries of the Southern Hemisphere.