G77 and China presented a proposal on Loss and Damage Finance with demands that the fund be established at COP27.
The establishment of a transitional committee to develop the objectives, principles, and operation technicalities of the fund by COP28 in Abu Dhabi next year.
There has been heated debate about the proposed establishment of a fund where rich nations, some of whom still refuse to officially accept liability, would be required to compensate vulnerable states hit by climate-fuelled disasters.
Loss and Damage finance was officially entered into the agenda in a historic first at COP27 last week in a lobby led by Pakistan.
Activists and developing countries expressed disappointment during the initial stages when a two-year negotiation period was proposed by developed countries.
Negotiations have run back and forth between different lobbies as countries debate the nature and definitions of the fund if at all, would function.
The proposal is similar to the mechanism through which the Green Climate Fund was formed.
*This story was produced as part of the 2022 Climate Change Media Partnership, a journalism fellowship organized by Internews’ Earth Journalism Network and the Stanley Centre for Peace and Security.
By Tharushi Weerasinghe in Egypt
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