Climate negotiators on Friday were mulling a late-night European Union proposal aimed at resolving a stubborn impasse over financing for countries hit by climate-fuelled disasters and pushing this year's U.N. climate summit in Egypt closer to a final deal.
The 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-fuelled impacts. The conditions attached to the offer included that countries must agree to phase down all fossil fuels, and phase down unabated coal-fuelled power generation as soon as possible - with countries submitting progress reports to make sure this gets done.
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