COP27 Delegates Trying To Finalize Talks Focusing On 'Loss And Damage' Fund

COP27 Delegates Trying To Finalize Talks Focusing On 'Loss And Damage' Fund

Nov. 20, 2022, 7:56 a.m.

Delegates at the COP27 climate change conference in Egypt are trying to finalize their talks in an extended session on Saturday.

The main focus is how to compensate developing countries for "loss and damage" from climate change.

COP27 was scheduled to end on Friday, but countries failed to agree on a deal drafted by Egypt, who chairs the forum. The draft did not include the establishment of a so-called loss and damage fund.

Negotiations are continuing on whether to include a decision on setting up the fund in the current session or to postpone the decision until next year. Other proposals include the promotion of financial assistance regardless of the creation of the fund.

A delegate from Ethiopia said the fund should be established immediately, otherwise COP27 would be a failure.

A negotiator from Micronesia also stressed the necessity to set up the fund without delay, but added that delegates are seeking solutions that are good for everyone.

Sources close to the talks say developed countries including the US and the EU have issued a proposal on the fund that is an apparent compromise to developing countries.

It is still uncertain whether countries at the conference will be able to reach an agreement on Saturday.

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