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illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below
🗞️ Driving the news: Talks over the loss and damage fund, agreed upon in the COP27 climate summit agreement, failed to reach a conclusion after three days of negotiations in the Egyptian city of Aswan
• This gridlock raises challenges for the forthcoming UN COP28 climate summit scheduled in Dubai next month
🔭 The context: The agreement to establish the loss and damage fund, aimed at supporting countries gravely impacted by global warming, was celebrated as a breakthrough for "particularly vulnerable" countries
• Prolonged disagreements have persisted over the fund's logistics, particularly concerning funding sources, the fund's base, and eligibility criteria for support
🌍 Why it matters for the world: The successful initiation of this fund is viewed by many, including experts at the World Resources Institute, as a pivotal metric for determining COP28’s success
• A functioning and effective fund could set a new precedent in climate action, emphasizing shared responsibility and equity in international climate cooperation
• On the other hand, failure to establish the fund could further deepen disparities and mistrust among nations, potentially derailing future collaborative climate actions
⏭️ What's next: A second round of negotiations has been scheduled for early next month in Abu Dhabi in the run-up to COP28
💬 One quote: "The eyes of the world were on the committee members," (Sultan al-Jaber, President of COP28)
📈 One stat: The group of 77 developing economies, alongside China, deliberated abandoning the talks due to disagreements regarding the World Bank's role in hosting the fund
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