Nearly 200 countries gathering for the U.N. climate conference in Egypt are expected to lock horns over whether rich nations should pay compensation to vulnerable states hit by climate-fuelled disasters.
for a special "Loss and Damage" fund. But with rich countries resisting such calls, the issue has been stalled for years.In U.N. climate talks, the phrase "Loss and Damage" refers to costs already being incurred from climate-fuelled weather extremes or impacts, like rising sea levels.
But there is no agreement yet over what should count as "loss and damage" in climate disasters - which can include damaged infrastructure and property, as well as harder-to-value natural ecosystems or cultural assets like burial grounds. The EU and United States blocked a proposal at last year's U.N. climate talks to establish a fund, agreeing instead to a "dialogue" without a clear end goal. Over the last month, they haveOnly a few governments have made small, symbolic funding commitments for loss and damage:Some existing U.N. and development bank funding does help states facing loss and damage, though it is not officially earmarked for that goal.
Countries have made different proposals for what the fund should look like. Even if COP27 yields a deal to form a fund, it could still take a couple years before it is ready to disperse money.
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