The creation of a new fund to help countries cope with the costs of climate change will be agreed upon at the COP27 summit, according to the latest draft agreement proposal on climate change released by the UN agency in order to deal with “losses” and “damages”.

The draft, which will have to be approved by the nearly 200 countries participating in the COP27 summit in Egypt, will state that there is an agreement on the creation of a fund to meet losses and damages.

Developing countries’ call for a climate damage fund has dominated UN negotiations over the past two weeks, further pushing the summit’s scheduled conclusion on Friday as countries scramble to reach a deal.

The draft proposal would refer many of the most contentious decisions on the fund to next year, when a “transitional committee” will make recommendations for countries to adopt at the COP28 climate summit in November 2023.

The recommendations will cover the recognition and expansion of funding sources – a reference to the contentious issue of which countries should contribute to this new fund.

After years of resistance from rich countries to climate-vulnerable countries’ calls for “loss and damage” funding, the European Union said on Thursday it would back a new fund if high-emitting emerging economies such as China pay for it too, instead of only historically high-emitting regions such as the EU and the United States.

Source: Euronews

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