A fund for “loss and damage” alone is “largely insufficient” to meet climate challenges, French President Emmanuel Macron said on the sidelines of the Francophonie summit in Tunis on Saturday.
“The idea of a single fund is at worst inappropriate and at best largely insufficient,” President Macron said during a press conference.
“What is the governance, who will put the money?”
At the climate conference (COP27) in Sharm el-Sheikh, Egypt, an agreement is being negotiated that involves the creation of a specific fund dedicated to compensating climate damage suffered by poor countries, which is also under discussion about other financing channels . The deal still needs to be formalized in a final big meeting.
“As soon as we have a problem, we create funds (…) what is the governance, who is going to put the money?” the French president asked again.
As during his speech at COP27, Emmanuel Macron defended the proposal of Mia Mottley, Prime Minister of Barbados, calling for a massive review of international development loans.
COP27, which should have ended on Friday evening, has long been deadlocked on the issue of compensation for damage already caused by climate change, “loss and damage”.
This issue is more than ever at the center of the debates after the historic floods that recently hit Pakistan and Nigeria.
Source: BFM TV
