The European Union, early Friday morning, agreed to key demands from developing nations on the creation of a loss and damage fund. The move by the EU, described by its climate chief Frans Timmermans as “a final offer,” further isolates the U.S. in its opposition to a fund.
Representatives from developing countries said they were considering the proposal, with some unimpressed due to its limiting of compensation only to the “most vulnerable” nations. The EU proposal also says the fund would be supported by a “broad donor base,” suggesting high-emitting emerging economies like China would be required to contribute along with the wealthy nations responsible for the overwhelming majority of historic greenhouse gas pollution.
Republished from Nexus Media News, an editorially independent, nonprofit news service covering stories about climate change. It exists to improve public understanding of the climate crisis, shed light on the steps humans can take in response, and highlight the potential opportunities created by a just energy transition.