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Cop27: EU agrees to loss and damage fund to help poor countries recover from climate disasters
(The Guardian, 18 Nov 2022) Change in stance puts spotlight on US and China, which have both objected to fund.
A breakthrough looked possible in the deadlocked global climate talks on Friday as the European Union made a dramatic intervention to agree to key developing world demands on financial help for poor countries.
In the early hours of Friday at the Cop27 UN climate summit in Egypt, the European Commission vice-president Frans Timmermans launched a proposal on behalf of the EU that would see it agree to establishing a loss and damage fund.
Rich countries had been holding out agains this key demand, arguing it would take time to establish whether such a fund was needed, and how it would operate.
Timmermans said on Friday morning the EU had listened to the G77 group of developing countries, for whom the establishment of a fund at this summit is a core demand.
Loss and damage refers to the ravages of extreme weather on the physical and social infrastructure of poor countries, and the finance needed for rescue and reconstruction after climate-related disasters.
The Guardian, 18 Nov 2022: Cop27: EU agrees to loss and damage fund to help poor countries recover from climate disasters
