EU agrees to loss-and-damage fund

The bloc makes negotiating concession as it looks to tie loss-and-damage fund to mitigation

Global climate talks at Cop27 in Egypt entered their last day today with loss and damage an increasingly central part of the agenda. Loss and damage refers to the effects of extreme weather on poorer countries, and the finance needed to address these effects. Poorer countries have been insisting on a loss-and-damage fund throughout the talks—a move resisted by those wealthier nations that would provide the financing. These wealthier countries say a fund will take time to set up and that existing instruments would do the job better. But the EU last night made a significant concession, saying it would agree to a fund on two conditions—that it is targeted towards the most vulnerable nations and