An important outcome of the UN climate summit in Egypt is in jeopardy as the US leads a push for the World Bank to run a new fund to help poorer countries suffering from climate change, leading to a threat from an opposing group of nations to walk out of negotiations.
Representatives from the G77 nations plus China, including a large coalition of developing countries, were considering abandoning the “loss and damage” fund discussions under way in Aswan in Egypt, according to people familiar with the talks.
The agreement to create a loss and damage fund to aid “particularly vulnerable” nations was celebrated by African and other developing world leaders at last year’s UN COP27 climate summit in Sharm el-Sheikh.
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