COP27 host Egypt scrambled to save UN climate talks on Saturday as the European Union signaled a breakthrough on the contentious issue of funding “loss and damage” for nations vulnerable to climate change. weather.
Some 200 country representatives gathered at COP27 in Egypt for two weeks to drive action to combat climate change as the world grapples with worsening extreme weather events.
But talks have stalled over the terms on which wealthy polluters will have to finance “damage and loss” for countries ravaged by climate disasters, as well as over ambitions to tackle global warming.
After the European Union roundly rejected a document drawn up by Egypt overnight, a bloc source said that at least the issue of damages had been “agreed” as far as it was concerned. A European source confirmed “an agreement on damages has been reached which targets the fund for vulnerable countries”.
A draft final document on the creation of a specific fund for damages was eventually published by the Egyptian presidency this Saturday.