The Treasury Department Implements Security Council Resolution Establishing a Humanitarian Carveout for UN Sanctions

the COP’s decision.33 (3)Who will receive the assistance from the fund? All developing countries or only those that are “particularly vulnerable to the adverse effects of climate change”? The decision seems to suggest the latter. (4) What can the funds be used for? The decision refers generally to “responding to economic and non-economic loss and damage associated with the adverse effects of climate change, including extreme weather events and slow onset events, especially in the context of ongoing and ex post (including rehabilitation, recovery and reconstruction) action.”34 (5) How are the amounts to be calculated? How is loss and damage to be assessed?35 (6) How will payments be made and monitored?36 COP27 President Shoukry ended the conference by saying that its accomplishments were a “testament to our collective will . . . that multilateral diplomacy still works.”37 But aside from the successful adoption of the loss and damage fund, COP27 was criticized for not adopting proposals to phase out all fossil fuels and to make more ambitious commitments for reducing emissions.38 COP27 did, however, prevent backsliding, including, importantly, on “the longterm global goal to hold the increase in the global average temperature” by reiterating COP26’s decision (which moved slightly beyond the wording of the Paris Agreement) to “resolve[] to pursue efforts to limit the temperature increase to 1.5 °C” above pre-industrial levels.39