Draft agreement shows little progress and EU proposal for ‘loss and damage’ funding is greeted with silence
Geopolitical battle lines were drawn at the UN climate summit in Egypt as negotiations entered the final scheduled day, with the intractable issue of financial support for developing countries among the unresolved matters.
Annalena Baerbock, Germany’s foreign minister, said it was clear that while wealthy industrialised countries should lead the effort to fund a new loss and damage facility, others should contribute too. At the moment, China and Saudi Arabia are among the countries classified as developing nations under the 30-year-old UN system, and have resisted the suggestion they should contribute to international climate financing despite their improved economic status over the past three decades.
However, a person familiar with the talks said they remained “optimistic” the US and EU could reach a “joint position”. The EU would not accept a compromise that did not see the donor base increased in some way, they added.
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