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UN climate fund battle looms over US stance on financing

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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: The United States has expressed objections to a key agreement on a global climate fund, which aims to assist countries in coping with climate change impacts
• During the final talks in Abu Dhabi, the U.S. negotiator walked out, and upon return, contested the agreement, advocating for voluntary contributions to the fund

🔭 The context: The establishment of the loss and damage fund was a significant outcome of the previous UN COP27 climate summit
• However, the recent talks have been marred by disagreements over the fund's structure, financing, and beneficiary countries
• The U.S. and other wealthy nations are at odds with developing countries, who argue that those with historical responsibility for emissions should lead in funding

🌍 Why it matters for the planet: The fund is crucial for developing nations, particularly those facing severe climate impacts
• The ongoing conflict over its financing and structure could undermine global cooperation on climate action, which is essential for addressing the planet's climate crisis

⏭️ What's next: The recommendations from the Abu Dhabi meeting will need approval at COP28 in Dubai. The failure to establish the fund could significantly hinder international climate efforts
• The World Bank has been proposed as an interim host for the fund, despite initial resistance from developing countries

💬 One quote: "If we had failed, it would have cast a long shadow over COP and started to unravel a host of climate actions that depend on mutual trust between developing and developed nations," (Avinash Persaud, special climate envoy to Barbados)

📈 One stat: Developed nations are responsible for approximately 80% of historical greenhouse gas emissions, highlighting the contentious debate over who should finance the climate fund

Click for more news covering the latest on sustainable finance

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