With just over two months to go until the 28th U.N. Climate Change Conference, or COP 28, the world remains divided over how to establish a loss and damage fund to help pay for climate disasters — and the latest talks have descended into further clashes.
Key differences around the fund’s design — particularly who should pay in and who should receive money — were highlighted throughout a ministers meeting held at the United Nations on Sept. 22, designed to encourage compromise on the sensitive fund. Instead, the meeting saw officials repeat the established positions of their governments.
The creation of a loss and damage fund to help countries rebuild after climate disasters was agreed upon by world leaders at COP 27 in Sharm el-Sheikh, Egypt, last year. But it has long been a contentious topic for high-income nations worried about making payouts — advocates say the fund needs $100 billion a year. Meetings to create the fund, known as the “transitional committee,” this year have also encountered difficulties. The fund’s launch, and financing, at COP 28 in Dubai in November is widely seen by lower-income countries as critical to the success of the summit.