COP27 climate summit considers new proposal for ‘loss and damage’ fund – The Peninsula

COP27 climate summit considers new proposal for ‘loss and damage’ fund – The Peninsula

Sharm El-Sheikh: The United Nations climate agency on Saturday published a draft proposal for a deal to tackle the issue of "loss and damage" that said the COP27 summit would agree to launch a new fund to help countries cope with the cost of climate damage.

The draft - which the nearly 200 countries at the COP27 summit in Egypt will now consider, and potentially change, before deciding whether to approve - would agree to "establish a fund for responding to loss and damage".

Calls by developing countries for such a fund has dominated the UN negotiations over the last two weeks, pushing the summit past its scheduled Friday finish as countries struggle to strike a deal.

The draft proposal would kick many of the most controversial decisions on the fund into next year, when a "transitional committee" would make recommendations for countries to then adopt at the COP28 climate summit in November 2023.

Those recommendations would cover "identifying and expanding sources of funding" - referring to the vexed question of which countries should pay into the new fund.

"Everybody was flexible for the cause of loss and damage and the disasters and people dying and the economy being lost. I thank all the parties