Delegates were unable to reach an agreement today ahead of COP28.
The agreement to set up a fund to help vulnerable countries was a flagship achievement at last year’s COP27.
The agreement to set up a dedicated fund to help vulnerable countries cope with climate “loss and damage” was a flagship achievement of last year’s COP27 talks in Egypt.A series of talks held this year have tried to tease out consensus on fundamentals like the structure, beneficiaries and contributors – a key issue for richer nations who want China to pay into the fund.
But the delegates were unable to reach an agreement and deferred the decision to another meeting due Nov 3 to 5 in the UAE, according to a webcast of the debate on the official YouTube channel of the United Nations.There was a divide over it being managed by the World Bank, accused of being in the hands of the west, or in a new independent structure, called for by many developing nations, but would be time consuming and complex to replenish with new funds.
“Developed countries must be held accountable for their shameless attempts to push the World Bank as the host of the fund, their refusal to discuss the necessary scale of finance, and their blatant disregard for their responsibilities” under the terms of already established international climate agreements, he said.
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