COP28 – TELAM Agency
An important meeting in Egypt on the compensation mechanism for damages and losses, prior to the major annual environmental event COP28 to be held in Dubai, failed today after delegates failed to reach an agreement regarding its operation and contributors, so it was rescheduled for the first week of November.
“It is essential that they reach a consensus and formulate clear recommendations before COP28, I believe that all issues can be resolved,” urged ADNOC oil businessman, Emirati Sultan Al Jaber, president of the Conference of the Parties (COP28), according to replied the AFP news agency.
The mechanism to compensate for “losses and damages” suffered by developing and vulnerable nations, which historically had less responsibility for climate change, was agreed last year at COP27 held in Sarm el Sheikh, Egypt.
However, the operation of the mechanism, the amounts, the beneficiary countries and the contributors, remained to be specified in view of the COP28 in Dubai, scheduled for November 30 to December 12.
A transition committee, charged with analyzing these issues, met until early Saturday morning in Aswan, southern Egypt.
The delegates confirmed their inability to reach an agreement, and referred the issue to another meeting scheduled for November 3 to 5 in Abu Dhabi, the capital of the United Arab Emirates, according to the broadcast of the debates, available on an official YouTube account. from the ONU.
Before their failure, the talks clashed with the institutional architecture of that future fund.
One option is the World Bank, accused of being in the hands of Western powers, and the other is to create a new independent structure, demanded by several developing countries, but which would require more time to set up and to feed it with fresh money.
The failure “clearly shows the deep gap between rich countries and poor countries,” said Harjeet Singh of the NGO Climate Action Network, who attended the debates.
Source: Ambito
