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[1/3] German climate activist Luisa Neubauer takes part in a protest demanding climate justice and human rights at the Sharm El-Sheikh International Convention Centre, during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 19, 2022. REUTERS/Mohamed Abd El GhanySHARM EL-SHEIKH, Egypt, Nov 19 (Reuters) - The United Nations climate agency on Saturday published a draft proposal for a deal to tackle the issue of "loss and damage" that said the COP27 summit would agree to launch a new fund to help countries cope with the cost of climate damage. The draft - which the nearly 200 countries at the COP27 summit in Egypt will now consider, and potentially change, before deciding whether to approve - would agree to "establish a fund for responding to loss and damage". "Everybody was flexible for the cause of loss and damage and the disasters and people dying and the economy being lost. I thank all the parties ... who were not flexible initially but who were flexible now," Kunal Satyarthi, India's negotiator on loss and damage, told Reuters.

REUTERS/Nacho Doce/File PhotoSHARM EL-SHEIKH, Egypt, Nov 17 (Reuters) - The COP27 climate summit in Egypt must establish a fund to help countries cope with the irreparable damage caused by climate disasters, ministers representing developing nations said on Thursday, warning that anything less would thwart the U.N. summit's chances of success. Talks about creating - or at least committing to create - a "loss and damage" fund were put on the agenda for the first time in nearly three decades of COP climate summits where poorer nations have urged richer countries to act. "Anything less than establishing a loss and damage fund at this COP is a betrayal of the people who are working so hard to clean up this environment," said Molwyn Joseph, Antigua and Barbuda's environment minister. He was speaking at a news conference of ministers representing groups of developing countries in the U.N. climate talks. The first draft of a possible deal document for COP27 published earlier on Thursday mentions loss and damage, but it does not include details for actually launching a fund.

"Over the past year, our climate leadership has been tested in many ways," said Dan Jorgensen, acting climate and energy minister for Denmark. "We are not calling for any sudden disruption of energy supplies, but we must equally recognise that the energy crisis is driven by the dependency on fossil fuels," he said. The alliance said it will also start providing analysis and advice to developing countries on policies to move away from fossil fuel production, setting aside $10 million in funding to do so. Another alliance designed to limit fossil fuel support has struggled to expand this year. Nearly 40 countries including the United States, Canada and Germany at last year's COP26 climate summit committed to stop public financing for fossil fuel projects abroad by the end of 2022.

Carbon offsets allow countries or companies to pay others to cut greenhouse gas emissions to offset their own. Countries applauded each other at last year's climate summit in Glasgow for agreeing on broad principles governing carbon markets, breaking six years of stalemate. Applying to join the new system without knowing what rules will govern it would be difficult, said Pedro Martins Barata, a carbon markets expert observing the talks for the non-profit Environmental Defense Fund. Voluntary carbon offset markets have struggled to gain trust for years. Reuters GraphicsPrivate initiatives like the Integrity Council for the Voluntary Carbon Market (ICVCM) and the Carbon Credit Quality Initiative (CCQI) have drafted guidance on what they see as a high-quality carbon offset.

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