in Egypt are expected to lock horns over whether rich nations should pay compensation to vulnerable states hit by climate-fueled disasters.
Loss and damage funding would be different, in compensating costs that countries can’t avoid or “adapt” to. If countries do agree to launch a fund, they would need to thrash out details such as where the money should come from, how much wealthy countries should pay, and which countries or disasters qualify for compensation.The EU and United States blocked a proposal at last year’s UN climate talks to establish a fund, agreeing instead to a “dialogue” without a clear end goal. Over the last month, they have signaled more openness to discussing compensation at COP27, but remain wary of creating a fund.
Frustrated by difficulties and delays in securing climate finance, developing and emerging economies are now united in demanding that a loss and damage fund be established at COP27. Some diplomats have suggested a “mosaic” of funding sources be organised, rather than one central fund.
It will never happen.
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