Developing countries suffering catastrophic climate events are seeking financial arrangements to provide funding
Loss and damage refers to the ravages of extreme weather on the physical and social infrastructure of poor countries, and the finance needed for rescue and reconstruction after climate-related disasters.
Mr Timmermans added that “clear conditions” would be attached to any fund. It would be geared towards supporting the most vulnerable, with a broad financial donor base contributing to the fund. The text, which builds on earlier, less formal iterations, did not set out the proposed solution to one of the most contentious issues at the summit, the 'loss and damage' financial arrangements to provide funding to developing countries suffering catastrophic climate events.
The overarching deal text, time-stamped at 3.30am reflecting the intensity of the final negotiations, reaffirmed key points in last year’s Cop26 deal in Glasgow and the Paris 2015 agreement on limiting the rise in global temperatures. He underlined the need for “agreed solutions in front of us – to respond to loss and damage, to close the emissions gap, and to deliver on finance”.
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