High-income countries blocked a proposal for a loss and damage financing body at COP26 last year in Glasgow, instead supporting a new three-year dialogue for funding discussions.
SHARM AL-SHEIK – Delegates at the United Nations Climate Change Conference (COP27) in Egypt agreed to debate whether rich countries should compensate poor countries most vulnerable to climate change for their suffering.
“This creates, for the first time, an institutionally stable space on the formal agenda of the COP and the Paris Agreement to discuss the pressing issue of funding arrangements required to deal with existing gaps, responding to loss and damage,” COP27 president Sameh Shoukry said at the opening plenary.
Much of the tension at COP27 is expected to relate to loss and damage – funds provided by wealthy nations to vulnerable lower-income countries that bear little responsibility for climate-warming emissions.
At COP26 last year in Glasgow, high-income nations blocked a proposal for a loss and damage financing body, instead supporting a new three-year dialogue for funding discussions.
The loss and damage discussions now on the agenda at COP27 will not involve liability or binding compensation, but they are intended to lead to a conclusive decision “no later than 2024,” Shoukry said.
“The inclusion of this agenda reflects a sense of solidarity for the victims of climate disasters,” he added. – Reuters
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