SHARM EL-SHEIKH, Egypt (AP) — Negotiators at U.N. climate talks in Egypt say they have struck a potential breakthrough deal on the creation of a fund for compensating poor nations that are the most vulnerable to climate change, called ‘loss and damage.’
“There is an agreement on loss and damage,” Maldives Environment Minister Aminath Shauna told The Associated Press Saturday. “That means for countries like ours we will have the mosaic of solutions that we have been advocating for.”
It still needs to be approved unanimously in a vote later today.
Saturday afternoon’s draft proposal came from the Egyptian presidency.
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Two separate drafts released by the Egyptian presidency, on efforts to step up emissions cuts and the overarching decision of this year’s talks, barely build on what was agreed in Glasgow last year.
The texts leave in place a reference to the Paris accords goal of limiting global warming to “well below 2 degrees Celsius (3.6 Fahrenheit)” which scientists say is far too risky.
They also don’t suggest any new short-term targets for either developing or developed countries, which experts say are needed to achieve the more ambitious 1.5 C (2.7 F) goal that would prevent some of the more extreme effects of climate change.
A new proposal on the issue of loss and damage that calls for the creation of a new fund to help developing countries hit by climate disasters said developed countries would be “urged” to contribute to the fund, which would also draw on other private and public sources of money such as international financial institutions.
However, the proposal does not suggest that major emerging economies such as China have to contribute to the fund, which was a key ask of the European Union and the United States.
It also does not tie the creation of the new fund to any increase in efforts to cut emissions, or restrict the recipients of funding to those countries that are most vulnerable.