SHARM EL-SHEIKH, Egypt (Reuters) – At the COP27 climate conference, a coalition of developed countries including the United States and Britain unveiled a draft plan to finance loss and damage caused by climate change, a source familiar with the matter said. Reuters said on Friday.
According to a draft seen by Reuters, the plan would establish “new and improved financial arrangements to help developing countries that are particularly vulnerable to the adverse impacts of climate change and damage and loss responses.”
The plan will create “an expert panel” to tackle critical questions about where funding should come from and how the funding mechanism should operate.
A second source confirmed that the draft document was the current proposal evaluated in the negotiations.
It was not immediately clear how the proposal differed from the previous EU proposal. According to EU climate policy director Franz Timmermans, the previous plan would have established a special fund to cover losses and damages in the most vulnerable countries, financed by a “broad donor base”.
The text suggests that high-emitting developing economies such as China should contribute, rather than only receiving funding from rich countries that have historically contributed more to climate change.
(Reporting by Valerie Volkovic)
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