A loss and damage fund would be the first United Nations mechanism dedicated to helping countries that have suffered irreparable climate-driven damage from drought, floods and rising sea levels.
"There was a lot at stake at this meeting," Avinash Persaud, special envoy to the Prime Minister of Barbados and the country's representative on the U.N. committee, told Reuters.
Developing nations argue that rich countries responsible for most of the historical CO2 emissions causing climate change should be obliged to pay - something the United States and other rich nations refused to accept.
Mohamed Nasr, Egypt's lead climate negotiator and representative on the committee, told Reuters such pledges would be crucial to the overall COP28 negotiations.
If rich nations fail to follow through, he said, it could reopen decades-old fights that have derailed past climate deals - with poorer nations demanding "compensation" from rich nations for causing climate change, or refusing to agree to cut emissions faster without substantially more financial support from rich countries.
Persons:
Rula, U.N, Persaud, Jennifer Morgan, Mohamed Nasr, Nasr, Valerie Volcovici, Kate Abnett, Christina Fincher
Organizations:
Abu Dhabi Sustainability, REUTERS, COP28 Finance, Bank, United, Reuters, U.S . State Department, European Union, Climate, Thomson
Locations:
UAE, Abu Dhabi, United Nations, Dubai, Barbados, United States, U.S, Egypt, COP28, Germany, Europe's, Berlin