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Climate fund talks collapse as rich and developing countries clash

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By illuminem briefings

· 2 min read

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

Click for more news covering the latest on climate change

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