Developing countries poised to abandon climate reparations fund ...News

Member nations have rejected a proposal by the US and EU to establish the fund within the World Bank The beneficiaries of a proposed global climate reparations fund have shot down a US- and EU-backed plan to host it within the World Bank, threatening to abandon negotiations entirely ahead of next month’s COP28 climate summit if Washington does not budge on the matter, sources familiar with the discussions told Financial Times on Friday. The G77 nations plus China are “deadlocked” with the US regarding who will run the fund, which is meant to pay for “loss and damage” incurred by nations considered “particularly vu

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