Climate negotiators were considering a proposal from the European Union on Friday in an effort to break the deadlock over funding for nations affected by climate-related disasters and move the U.N. climate summit in Egypt closer to a final agreement.
According to the EU proposal, a dedicated fund would be established to pay for losses and damages in the most vulnerable nations, but it would be financed by a ‘wide donor base.’
That implies that the fund would not be funded exclusively by wealthy countries who historically have made the largest contributions to global warming, but would also need contributions from high-emitting emerging economies like China.
The creation of a loss and damage response fund for the most vulnerable nations is what we would recommend, said EU climate policy leader Frans Timmermans at the COP27 session.
This year’s summit has been dominated by the loss and damage issue as more than 130 developing nations have demanded that the gathering produce a deal on a new fund to assist them in coping with the irreparable harm caused by floods, droughts, and other climate impacts.
Previously, the United States and the European Union had opposed the notion out of concern that it may pave the way for escalating liabilities for nations whose historical emissions had contributed to climate change.
The latest EU offer, according to the climate minister of the Maldives, which may soon be submerged due to sea level rise caused by climate change, has raised expectations for an agreement.
Post Your Comments