COP27 host Egypt scrambled to salvage UN climate talks Saturday with the European Union signaling a breakthrough over the contentious issue of "loss and damage" funding for climate vulnerable nations.
COP27 host Egypt scrambled to salvage UN climate talks Saturday with the European Union signaling a breakthrough over the contentious issue of "loss and damage" funding for climate vulnerable nations.
A European source confirmed "a deal has been reached on loss and damage which targets the fund to vulnerable countries.” The EU wants COP27 to have strong language on cutting emissions and to reaffirm the aspirational goal of limiting global warming to 1.5 degrees Celsius from pre-industrial levels. And another document was released specifically covering ambitions for curbing planet-heating emissions.
They also said the money should come from a "broad funder base" -- code for countries including China and Saudi Arabia that have become wealthier since they were listed as developing nations in 1992.
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