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

SHARM EL-SHEIKH, Egypt, Nov 14 (Reuters) – The United Nations on Monday revealed a draft textual content setting out what the COP27 local weather summit may agree with regards to ‘loss and harm’ financing for nations being ravaged by local weather impacts.

The draft textual content, which may change earlier than it’s adopted on the conclusion of the summit and in locations contained a number of choices, included a reference to the institution of a brand new U.N.-administered fund.

The doc stated: “Preparations for funding for responding to loss and harm might embrace:

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

b) An working entity of the Monetary Mechanism;

c) The strengthening of current working entities of the Monetary Mechanism, recognizing their governance/governing devices;

d) Public finance, together with within the type of grants;

e) Grant-based funding from a number of sources;

f) Growth finance;

g) Debt aid

h) Reform of multilateral growth banks and worldwide monetary establishments;

i) Humanitarian help;

j) Revolutionary sources of funding;”

Reporting by William James; modifying by Dominic Evans

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