COP27: EU launches "final offer"  to cover losses, damages
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SHARM EL-SHEIKH, Egypt (AP) — The European Union’s proposal for financing loss, damage and reparations is “a final offer” that seeks to “find a compromise” between the countries as negotiators search for a way forward on the United Nations climate summit in Egypt, the head of the bloc’s climate office, Frans Timmermans, said on Friday.

The EU’s executive vice-president made a surprise offer on Thursday night to link offsets for climate disasters to further cuts in emissions.

Timmermans was “encouraged” by the immediate reaction to his initiative. The proposal is expected to generate further engagement on Friday.

“It’s about not failing here,” Timmermans said. “We can’t afford failure. Now, if our steps forward aren’t reciprocated, obviously there will be failure. But I hope we can avoid it.”


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