Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7
Yemeni Armed Forces spokesperson Brigadier General Yahya Saree: The missile force carried out a major operation using the Palestine 2 ballistic hypersonic missile, hitting several targets in occupied Yafa.
Sirens sound in large areas of occupied Palestine after a missile launch from Yemen was detected
Al Mayadeen's correspondent: 14 martyrs arrive at al-Shifa Hospital following Israeli massacre of al-Sultan Family north of Gaza.

COP27: EU agrees to loss, damage fund to aid poor states

  • By Al Mayadeen English
  • Source: Agencies
  • 18 Nov 2022 12:28
4 Min Read

COP27 UN climate summit in Egypt discusses the creation of a loss and damage fund, which one G77 negotiator believed was not a "breakthrough".

  • x
  • So far, only two small countries have offered funding for loss and damage.Source: AP: Peter Dejong
    So far, only two small countries have offered to offer funds for loss and damage. (AP)

As the European Union made a dramatic intervention to agree to key demands made by the developing world regarding financial assistance for poor countries, a breakthrough appeared possible in the stalled international climate talks on Friday.

At the COP27 UN climate summit in Egypt early on Friday, Frans Timmermans, vice president of the European Commission, put forth a proposal on behalf of the EU that would have it accept the creation of a loss and damage fund.

Rich nations had been resisting this important demand, claiming that it would take time to determine whether such a fund was necessary and how it would function. Timmermans claimed on Friday morning that the EU had paid attention to the G77 group of developing nations, whose main demand for this summit is the creation of a fund.

Read next: Health must be front in COP27 climate change negotiations - WHO

Loss and damage refer to the financial resources required for rescue and reconstruction following climate-related disasters, as well as the havoc that extreme weather can wreak on the physical and social infrastructure of developing nations.

Timmermans said, “We were reluctant about a fund, it was not our idea to have a fund. My reluctance was because I know from experience it takes time before a fund can be established, and more time before it is filled, whereas we have existing instruments. I really believe we could move faster with existing instruments [for climate finance]. But since they [the G77] are so attached to a fund, we have agreed.”

Related News

China achieved what US failed at: Good Latin American ties - Report

G77+China adopt draft statement of Havana Summit

He added that “clear conditions” would be attached to any fund. It would be geared toward supporting the most vulnerable, with a broad financial donor base contributing.

The fund would function as one piece of a mosaic of solutions, such as the reform of multilateral development banks, rather than independently.

In addition, the EU wants stronger regulations on updated national plans for emissions reductions in line with the Paris Agreement's 1.5-degree target and peaking of global emissions by 2025. “This would have to be a package deal,” Timmermans said.

Read next: COP27 summit begins amid heightened geopolitical tensions

The proposal is being considered by developing nations. The Caribbean Community Secretary General, Carla Barnett, provided a conflicted response, “There’s only one option for small island developing states, a financing fund that delivers a just pathway for the future of our countries. Division and delay tactics will not work. This is a matter we defend on the basis of justice.”

One G77 negotiator, who asked not to be named, was not impressed by the EU’s proposal. “It is a predictable attempt by the EU to break up the G77 in talks. Of course, it’s not a breakthrough. They are merely repeating their original negotiating position by making it sound like a compromise when they know very well that it is not. It is completely disingenuous.”

Australia said it welcomed the EU’s contribution and would “engage constructively with it." On loss and damage, it was “very attracted to a new fund that benefits from a broad contributor base and focuses on the most vulnerable."

“We want to fully examine how other institutions such as multinational development banks can interact and further develop their interaction with this fund,” said Chris Bowen, the Australian climate change minister.

  • G77
  • COP27
  • Climate change
  • Climate crisis
  • European Union

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Israeli police and rescue teams respond at the scene of a shooting attack where several people killed and injured in Jerusalem, Monday, Sept. 8, 2025 (AP)

Al-Quds shooting: 7 settlers killed, several critically injured

  • Politics
  • 8 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

Pro-'Israel' far-right Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Elon Musk attends a news conference with President Donald Trump in the Oval Office of the White House, Friday, May 30, 2025, in Washington (AP)
Politics

Elon Musk calls for dissolving UK parliament at London far-right rally

Israeli media: US betrayed Qatar, gave green light for attack on Hamas
Politics

Israeli media: US betrayed Qatar, gave green light for attack on Hamas

Leaked memo shows Trump eyeing Louisiana National Guard plan
Politics

Leaked memo shows Trump eyeing Louisiana National Guard plan

Mamdani vows to arrest Netanyahu if elected New York mayor
Politics

Mamdani vows to arrest Netanyahu if elected New York mayor

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS