COP27 considering loss and damage fund among other finance options – draft text

SHARM EL-SHEIKH, Egypt, Nov 14 (Reuters) – The United Nations on Monday published a draft text setting out what the COP27 climate summit could agree on the subject of ‘loss and damage’ financing for countries being ravaged by climate impacts.

The draft text, which could change before it is adopted at the conclusion of the summit and in places contained multiple options, included a reference to the establishment of a new U.N.-administered fund.

The document said: “Arrangements for funding for responding to loss and damage may include:

a) A new fit-for-purpose fund under the UNFCCC;

b) An operating entity of the Financial Mechanism;

c) The strengthening of existing operating entities of the Financial Mechanism, recognizing their governance/governing instruments;

d) Public finance, including in the form of grants;

e) Grant-based funding from multiple sources;

f) Development finance;

g) Debt relief

h) Reform of multilateral development banks and international financial institutions;

i) Humanitarian assistance;

j) Innovative sources of funding;”

Reporting by William James; editing by Dominic Evans

Our Standards: The Thomson Reuters Trust Principles.

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