Negotiators at the United Nations climate talks reached a landmark agreement on Saturday to create a disaster fund to compensate poor countries for the damages of climate change exacerbated by carbon pollution in rich countries, they said. Stated.
The Associated Press reported Saturday, citing international ministers, that an agreement had been reached for a fund for “loss and damage.”
Poor countries are often victims of climate disasters even though they contribute little to pollution.
New Zealand’s climate minister, James Shaw, told The Associated Press that both the poor countries that get the money and the richer ones that give it are participating.
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Maldives Environment Minister Aminat Shauna said there was an agreement on loss and damage. “This means that for countries like ours, there is a patchwork of solutions that we have been advocating.”
The low-lying Maldives and island nations have been disproportionately affected by the climate crisis, and the UN notes that these countries often have little resilience to disasters.
According to the latest draft, the fund will initially draw on contributions from developed countries and other private and public sources, including international financial institutions.
Major emerging economies will not be required to contribute initially, but their options remain on the table and will be negotiated over the next few years.
There will also be room for assistance for middle-income countries hit by climate disasters.
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Even if the agreement is accepted, it must be unanimously approved later in the day.
China’s chief negotiator declined to comment on a possible deal.
The New York Times reported that a senior Biden administration official said: US ‘Working to Sign Agreement’ overcoming decades of opposition.
China and the United States are the two largest carbon polluters.
After the agreement at the G-20 summit, the White House said climate envoys from the two powers resumed formal talks last week.
European negotiators told AP they were ready to back the deal but would not say publicly until the entire package was approved.
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Egypt’s president proposed a new agreement on Saturday, and an agreement was reached within hours, but Norwegian climate and environment minister Espen Bars-Eide said it was not the Egyptians but the cooperating countries. Stated.
Other issues of the meeting are yet to be resolved as negotiators head into what they hope will be the final session. The COP27 summit was postponed past its scheduled end on Friday as countries struggled to reach consensus.
Reuters and Associated Press contributed to this report.