Environment Minister Aminath Shauna says nations have reached a historic agreement on funding for loss and damage at the COP27 climate conference.

She said via Twitter that this was truly a win for the multilateral system as it is a complex issue and that we need a mosaic of solutions to find a meaningful solution.

Minister Shauna noted that the outcome of the COP27 summit establishes an unprecedented approach for the COP, in the context of extending its invitation for collaboration with the global financial system.

She said that the Maldives made it clear over the past two weeks that mitigation ambition was a cornerstone of our outcomes here at COP27.

Minister Shauna said that she was disheartened that the nations did not get there but said that the Maldives would absolutely need to keep 1.5 alive.

She said that the nations have to ensure that it increases their ambition to peak emissions before 2025.

The Minister noted that the countries have to phase out fossil fuels and run their economies on sunshine, wind, and ocean energy

She added that the world has just 86 months to fix this.

Minister Shauna at the COP27 Summit/Photo: Twitter

Her comments came as delegates from nearly 200 counties at the COP27 climate summit have agreed to set up a “loss and damage” fund meant to help vulnerable countries cope with climate disasters.

The complete COP27 agreement, of which the fund is a part, also reaffirmed the goal of keeping global warming to 1.5 degrees Celsius above pre-industrial levels – a key demand from a number of countries.