At COP26 last year, high-income nations blocked a proposal for a loss and damage financing body, instead supporting a new three-year dialogue for funding discussions.
in Egypt agreed after late-night talks to put the delicate issue of whether rich nations should compensate poor countries most vulnerable to climate change on the formal agenda for the first time.
COP27 president Sameh Shoukry told the plenary that opens this year’s two-week United Nations conference attended by more than 190 countries the decision created “an institutionally stable space” for discussion of “the pressing issue of funding arrangements.” The loss and damage discussions now on the COP27 agenda will not guarantee compensation or necessarily acknowledge liability, but are intended to lead to a conclusive decision “no later than 2024,” Shoukry said.The issue could generate even more tension than at previous conferences this year as the Ukraine war, a surge in energy prices and the risk of economic recession have at once added to governments’ reluctance to promise funds and poor nations’ need for them.
Some criticized the dismissive language on liability, but although weaker than hoped, getting the issue formally on the agenda will oblige wealthier nations to engage on the topic.
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