SHARM EL-SHEIKH, Egypt (Reuters) – A coalition of developed countries, including the United States and Britain, issued a draft proposal to fund damage and loss caused by climate change at the COP27 climate conference, a source familiar with the matter said. told Reuters on Friday.
The proposal would set out “new and improved funding arrangements to assist developing countries that are particularly vulnerable to the adverse effects of climate change on damage and loss responses,” according to the draft seen by Reuters.
The proposal would also create “an expert group” to tackle important questions about where funding should come from and how the funding mechanism should be directed.
A second source confirmed that the draft document is the current proposal being evaluated in the negotiations.
It was not immediately clear how the proposal differs from an earlier EU proposal. The previous proposal would have established a special fund to cover losses and damages in the most vulnerable countries, funded by a “broad donor base”, according to EU climate policy director Frans Timmermans.
The text suggests that highly emissive emerging economies, such as China, would have to contribute, instead of funding coming only from rich countries, which historically contribute more to climate change.
(Reporting by Valerie Volcovici)
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