The "loss and damage" fund ranks high atop the topics that deeply divide countries as the nextThe fund, first approved at COP27 in Egypt last year, seeks to enable nations to move money from wealthier countries most responsible for global warming to those that are already suffering the worst consequences.
In an unusual move, after the agreement was gaveled through, the U.S. noted its disagreement with the consensus outcome. The U.S. also seeks to have multiple sources of money available to tap for the fund, from grants and concessional loans to money from carbon pricing and markets, the official stated.Some observers noted the tumultuous talks on loss and damage could set the stage for a potentially rough COP28.
Source: Energy Industry News (energyindustrynews.net)
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Stage set for conflict at COP28 with mixed response to outcome of key climate talksTense negotiations at the final meeting on a climate-related loss and damages fund — an international fund to help poor countries hit hard by a warming planet — ended Saturday in Abu Dhabi, with participants agreeing that the World Bank would temporarily oversee the fund for the next four years. The U.S.
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