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EU Tries to Break COP27 Deadlock With Offer on Loss and Damage Fund

Bloomberg · Jennifer A Dlouhy, John Ainger, Salma El Wardany, Akshat Rathi, Mirette Magdy · last updated

The European Union on Thursday offered a plan to break deadlocked climate negotiations in Egypt, proposing a loss and damage finance facility for the most vulnerable countries in exchange for a pledge to phase down oil, gas and coal.

Related Knowledge Center: Climate diplomacy: COP 27

State of Play

The 27th Conference of the Parties (COP 27) produced a groundbreaking agreement to create a “loss and damage” fund to help developing nations cope with the impact of climate change.

But the conference, held from Nov. 6 to Nov. 20, 2022, in Sharm el-Sheik, Egypt, fell short of a hoped-for agreement to speed reductions of greenhouse gas emissions.

More informationabout Climate diplomacy: COP 27