SHARM EL-SHEIKH, Egypt, Nov 11 – Talks at the COP27 climate summit on how to compensate developing countries for damage caused by climate change are not yet ready to decide on a new financing mechanism, a European Union negotiator said.
The issue known as “Loss and Damage” was placed on the agenda for the conference in Egypt, seen as a breakthrough for developing countries who want richer nations to pay for decades of emissions that have caused rising global temperatures.
EU chief negotiator Jacob Werksman said he expects significant results from the COP27 summit that go beyond the process, but added that the talks are not ready to agree on a single funding solution.
“We don’t think this process is ready to agree in principle that a new fund or entity is the right way or the only way,” he told a news conference.
“But we’re not ruling it out and we couldn’t rule it out as an important part of the conversation,” he said.