New draft COP27 agreement includes proposal for “loss and damage” fund

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The climate agency of the United Nations (UN) published, this Saturday (19), the most recent proposal for a climate agreement at COP27, which includes the question of a fund for “losses and damages”, according to which the summit would agree to launch a new fund to help the most vulnerable countries cope with the cost of climate damage.

The draft, which needs approval from nearly 200 countries at COP27 in Egypt, would agree to “establish a fund to respond to damages”.

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Developing countries’ call for a climate damage fund has dominated UN talks over the past two weeks, pushing the summit past its scheduled Friday end as countries struggled to hammer out a deal.

The draft proposal would push many of the most controversial decisions about the fund into next year, when a “transition committee” would make recommendations for countries to adopt at COP28 in November 2023.

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These recommendations cover “identifying and expanding funding sources” – referring to the contentious issue of which countries should contribute to the new fund.

After years of rich countries resisting pleas from climate-vulnerable countries for damage and loss funding, the European Union said on Thursday it would support a new fund if high-emitting emerging economies such as China also paid up – rather than just major historical emitters like the EU and the US.

Source: CNN Brasil

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