Intense negotiations on the loss and damages fund concluded in Abu Dhabi on Saturday, 4 November, with participants agreeing to designate the World Bank as a temporary host for the fund over the next four years. The fifth meeting of the Transitional Committee, a core group of negotiators representing the interests of both developed and developing countries, avoided a deadlock in finalizing the terms of the proposal before the upcoming COP28 climate summit. Although a major milestone, concerns have arisen on both sides. The loss and damage fund, initially agreed upon in principle at last year’s COP27 in Sharm El Sheikh, Egypt, represents a significant step in climate policy. The demand for an entity assisting nations severely affected by climate change consequences has been a focal point in U.N. climate talks for the past 30 years. Daniel Lund, the negotiator for Fiji, commented, “It wasn’t the text we wanted, but the alternative was nothing.” The proposal “urges” developed nations to lead in providing capital for the fund and “invites” contributions from other countries and funding channels, including carbon markets. This implies that no country would be legally mandated to contribute…
Stalemate Over Loss and Damage Fund Breaks Days Before COP28 in Dubai
November 10, 2023
