The Biden administration and nearly 200 world governments agreed on Saturday to a framework that would require richer countries to compensate poorer nations for damages allegedly caused by carbon emissions at the United Nations COP27 climate conference, according to Reuters .
Wealthy nations would create a “loss and damage” fund that would provide money to countries that have suffered climate-related “disasters” such as droughts or hurricanes, according to a draft proposal seen by Reuters. However, most of the details of the fiscal framework will be decided and agreed in 2023 at the next COP to be held in Dubai. (RELATED: ‘Amazing disconnect’: Climate Summit features hearty beef, seafood menu despite anti-meat initiatives)
“There’s only an agreement for an agreement next year, which is not an agreement,” Energy and Environmental Legal Institute senior legal fellow Steve Milloy told the Daily Caller News Foundation. “This is a fake face-saving deal to continue to lure poor countries to keep the Paris farce alive.”
A senior Biden administration official told the Wall Street Journal that the deal would not legally bind the US to pay for developing countries’ climate damage. The Biden administration initially opposed the “loss and damage” funding, arguing that there are alternative methods of securing climate finance for poor nations.
COP27 was dominated by debate over a plan to compensate developing countries for climate damage, according to Reuters. The European Union said on Thursday it would support such a framework if China, the world’s top polluter, provided funding and if the money raised were earmarked exclusively for needy developing countries to ensure China would not benefit from the proposal , according to the WSJ.
After agreeing on the climate finance framework, the US also called for the inclusion of a commitment to phase out all fossil fuels that would build on the 2021 agreement to “phase out” coal use, according to Bloomberg.
The White House and the United Nations Framework Convention on Climate Change did not immediately respond to DCNF’s request for comment.
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