European sources said that an agreement was reached on the establishment of a special fund to compensate for losses and damages, “directs” money to the most vulnerable countries towards the climate crisis, in the last hours of the Climate Conference COB 27.
The Climate Conference on the Climate (COB 27) has been extended with the continued negotiations to a breakthrough in the issue of financing the rich countries of losses and damages suffering in poor countries, and reaffirming the ambitious climate targets.
“I am still concerned about the number of unpopular issues in it, especially financial issues, reduce risks (reducing greenhouse gas emissions), losses and damages” caused by the climate crisis, “said the head of the Climate Conference on Climate in Sharm El -Sheikh (Cope 27) Sameh Shoukry during a plenary session in front of the delegates.
The year 2022 witnessed several disasters linked to the climate crisis of floods and droughts affecting crops, and extensive fires.
The rich countries have been reserved for years on the idea of creating a special mechanism to finance these damages, but the European Union offered a proposal in this regard late.
The European Union confirmed during a public session on Thursday evening that it is ready to establish a “response fund for losses and damages.
” However, this fund must be funded by a “large -to -donor” base, that is, any of the countries that have a financial ability to contribute, in reference to China, the ally of developing countries in this file..
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