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High-emitting countries ‘need to step up’ at COP27, US official says
(EurActiv, 24 Oct 2022) With the UN climate summit COP27 less than three weeks away, world nations are still struggling to find common ground on key issues on the agenda, such as ‘loss and damage’ to compensate vulnerable countries for climate-related disasters.
“I think there will be a big discussion on that topic,” US assistant secretary of state Monica Medina told journalists in Brussels.
Egypt, this year’s host country, wants to prioritise climate reparations.
But last year in Glasgow, the US and the European Union rejected calls to create a Loss and Damage Finance Facility, a fund backed by large emitters to assist vulnerable regions affected by climate-related disasters.
Instead, Medina proposes improving the instruments that are already in place to swiftly assist countries affected by climate change, without creating a new funding mechanism, which could take time to be developed and implement.
“What I think is needed is funding for the vulnerable communities now,” she stated when asked by EURACTIV about ‘loss and damage’.
“We put large amounts of money in some of the multilateral development banks and the Green Climate Fund, and I think the focus should be on getting some of that funding to where it’s needed, rather than trying to create another fund.”
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EurActiv, 24 Oct 2022: High-emitting countries ‘need to step up’ at COP27, US official says
