Climate leaders cheer compensation deal ...

also refers to a transitional group that will assist in finalising such details, although no definite deadlines are mentioned.

The deal came after European Commission vice-president Frans Timmermans on Friday launched a proposal on behalf of the EU that would see the European bloc agree to establish a loss and damage fund at this COP under clear conditions.

“The fund itself would have to be geared towards supporting the most vulnerable, with a broad financial donor base contributing to the fund, as part of a mosaic of solutions that includes reform of multilateral development banks, for example,” he said.

Governments also reached an agreement at COP27 on how to advance the Global Goal on Adaptation, to increase climate resilience among the most vulnerable. The agreement will be completed at COP28 in 2023 and inform the first “global stocktake”, a two-year process for assessing the implementation of the Paris Agreement.

At COP27, additional contributions totalling more than $US230 million were made to the Adaptation Fund, established in 2001 to finance adaptation programmes in developing countries.

This piece was produced by SciDev.Net’s Global desk and republished under a Creative Commons 2.0 licence. You can read the original article here: https://bit.ly/3ECs8Cy