BRUSSELS: Developing countries have proposed that a new UN fund unlocks at least $100 billion by 2030 to address irreversible damage caused by climate change, as states prepare to discuss who will benefit and who will pay in at the UN COP28 climate summit.
Countries will attempt to hammer out the details of the climate “loss and damage” fund at the summit taking place from Nov. 30 to Dec. 12 in Dubai. If launched, it would be the first UN fund dedicated to addressing irreparable damage from climate-fuelled drought, floods and rising sea levels.
While countries agreed to the fund last year, they postponed the most contentious decisions, including which countries will pay into it.
At a United Nations committee meeting last week, developing countries including those in Africa, Latin America, Asia-Pacific and small island states, proposed that the climate damage fund should programme at least $100 billion by 2030.
The published proposal said $100 billion should be a “minimum” and provide a safety net when climate impacts overburden a country’s capacity to cope.
“Loss and damage is not just an environmental setback; it’s unravelling decades of development efforts,” said Madeleine Diouf Sarr, chair of the Least Developed Countries group of 46 nations, which supports the $100 billion proposal.
However, decisions at COP28 need unanimous backing from the nearly 200 countries that attend UN climate summits – and the proposal is at odds with the stance of some wealthy nations expected to contribute to the fund.
Diplomats said the UN meeting last week did not resolve the most contentious issues around the fund.
Last year’s UN deal ended years of deadlock over climate damages funding – which the United States and European Union had previously resisted, concerned it could lead to liabilities for countries whose historical emissions fuelled climate change.
While Shelton is the last American chance in the men’s draw there is growing excitement over the possibility of an all-American women’s final after Madison Keys beat Wimbledon champion Marketa Vondrousova 6-1 6-4 to join compatriot Coco Gauff in the last four.
Keys played in the last all-American final at Flushing Meadows in 2017, losing to Sloane Stephens, and the only remaining obstacle between her and a return to Saturday’s championship match is second seed Aryan Sabalenka, who crushed China’s Zheng Qinwen 6-1 6-4.
