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Dear readers,
Rich countries admit funding gap in addressing loss and damage. Finance dominated discussions on day three of COP27 climate talks.
Developed countries like the United Kingdom, the United States, the European Union and Australia acknowledged that there is currently a funding gap in addressing loss and damage, at an informal consultation on loss and damage finance November 10, 2022 during COP27.
They added that they are open to discussing innovative options to scale up funding both within or outside of the UNFCCC.
Developing countries are keener to have the finance facility established within UNFCCC. “The UNFCCC initiatives are framed in the context of obligation of historical responsibility,” Bolivia said
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