Euronews.green writes that state officials will also discuss about which countries will pay for the fund and who will benefit from it, as well as under which circumstances it will be offered.
COP27 president Sameh Shoukry said that "all eyes are on the transitional committee as it convenes in Luxor. There are great expectations with regards to progress towards the operationalization of the relevant fund and all the other elements that constitute the mandate of this committee."
The committee will be comprised of 10 representatives from developed countries and 14 from developing nations.
India, China and South Korea will be among the countries representing the Asian continent, while some of the nations representing developed countries are the US, France, Denmark and Japan.
Brandon Wu, head of policy and campaigns at ActionAid USA, said that "defining how the new loss and damage fund will work in practice, including ways it will be governed, is of utmost importance. For far too long developed countries have failed to take responsibility for the overwhelming role they have played in causing the climate crisis."
Harjeet Singh, Head of global political strategy, CAN International, added that "we must now act swiftly to establish a loss and damage fund, to give vulnerable countries not only a lifeline, but also access to justice."