The countries of the North and South are still struggling to agree on the modalities of creating a fund for climate “loss and damage”, a few weeks before COP28, whose president estimated on Friday that the lack of progress on this issue “would not be acceptable.” An agreement in principle was reached last year at COP27 in Egypt on the creation of a fund to compensate for the “losses and damages” of Southern nations vulnerable to climate change.
But many things remain to be clarified before the next COP28 to be held in Dubai at the end of the year (from November 30 to December 12): its exact form, the beneficiary countries and the contributors – among which the West would like to count – Porcelain .
The location of the fund at the center of discussions
A transition committee for the creation of the fund met for the fourth time this week in Egypt, supposedly until Friday night, and revealed still major flaws. “We no longer have time,” urged the designated president of the future COP28, Sultan Al Jaber, addressing the delegates by video, assuring them that “the eyes of the entire world are on you today.” “If I don’t see real, tangible results, it won’t be acceptable,” he lectured them.
“We cannot be left behind if we take years to reach an agreement on governance,” he believes. The discussions stumbled, in particular, over the location of the fund: in the World Bank, accused of being in the hands of the West, or in a new independent structure, requested by several developing countries, but whose creation is long and complex. implement abounding in new money. Pedro Luis Pedroso, a Cuban ambassador who currently chairs the G77+China group, said Thursday that it was “regrettable that certain partners came with a fixed idea about the World Bank.” It is a “dead end”, lamented an observer on the ground on Friday.
Source: BFM TV
