As a global climate crisis looms ever larger, countries from around the world recently agreed to commit financial aid to places most affected by global warming-related disasters. South Korea, a big polluter with a big economy, could face pressure to step up these contributions in the years ahead.

The “loss and damage” fund scheme was agreed to at least week’s COP27 summit in Egypt, but while participating countries agreed to the fund in principle, they did not come to a conclusion regarding the specifics of which countries should offer money and how much they should pay. Thus far, only Belgium, Denmark, Germany, Scotland and the EU have committed funding.