A U.S. push for voluntary payments in high-stakes negotiations over a global fund for climate disasters has raised tensions ahead of the upcoming COP28 climate summit
CLIMATEWIRE | Negotiators struck a fragile agreement Saturday over the outlines of an international fund for climate-ravaged countries after hours of acrimonious haggling foreshadowed likely divisions at the global climate talks later this month.
The text also proposed that the World Bank would host the fund on a four-year interim basis — a partial win for the U.S. — and tasked a future board with creating a system for distributing the fund’s money. The U.S. proposed housing the fund at the World Bank permanently. “At the same time, we regret that the text does not reflect consensus concerning the need for clarity on the voluntary nature of contributions,” the official said.“That the U.S. finally could not even agree with the massively watered-down text after cornering developing countries into accepting it, is a testimony to its lack of good faith effort to actually deliver an effective fund,” said Lien Vandamme, a senior campaigner at the Center for International Environmental Law.
“It was one of those things where success can be measured in the equality of discomfort. But if we had failed, it would have cast a long shadow over COP,” he said. Agreement to create the fund was a shining achievement at last year’s climate talks in Egypt after decades of resistance by the U.S. and other rich nations.
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