The EU proposal is to set up a special fund for covering loss and damage in the most vulnerable countries – but funded from a 'broad donor base.' COP27
SHARM EL-SHEIKH, Egypt – Climate negotiators on Friday, November 18, were mulling a late-night European Union proposal aimed at resolving a stubborn impasse over financing for countries hit by climate-fueled disasters and pushing this year’sThe EU proposal would be to set up a special fund for covering loss and damage in the most vulnerable countries – but funded from a “broad donor base.”
The loss and damage issue has dominated this year’s summit, with more than 130 developing countries demanding that the meeting deliver a deal on a new fund to help them cope with the irreparable damage of floods, drought and other climate impacts. “As the lowest-lying country in the world, we are heartened by the goodwill in this room,” Shauna Aminath said.
The conditions attached to the offer included that countries must agree to phase down all fossil fuels, and phase down unabated coal-fueled power generation as soon as possible – with countries submitting progress reports to make sure this gets done.
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