Climate Fund Talks Break Down Amidst US and EU Disagreement Over World Bank Hosting
The aftermath of climate fund talks has given rise to blame and recriminations following the breakdown of discussions focused on establishing a new fund aimed at aiding vulnerable nations in their efforts to recover from climate-related disasters.
During tense negotiations that were partially accessible via webcast, representatives from developing nations pointed fingers at the United States, primarily accusing it of pushing for the World Bank to host the proposed fund—a financial institution dominated by highly developed economies.
Lien Vandamme, an observer at the talks for the Center for International Environmental Law, voiced her concerns, stating, "If wealthy nations do not come to the next meeting prepared to let go of this unrealistic proposal, meet their international obligations, and set up a stand-alone, rights-based and resourced fund, they might as well not show up at all."
In addition to criticizing the U.S., Vandamme also accused the European Union, which shares the perspective of the World Bank as a suitable host, of hiding behind the American position.
A spokesperson for the European Commission acknowledged the challenges faced during the discussions, stating that the 24-member committee of government officials from both affluent and developing countries responsible for designing the fund was unable to complete its work during the week but did make progress in certain areas. The EU reiterated its commitment to advancing the work.
The location of the fund's headquarters remained one of several contentious issues left unresolved following the week-long meeting in Egypt, which was intended to be the final round of technical discussions regarding the establishment of the loss and damage fund.
Both developed and developing parties expressed disappointment during the concluding hours of the talks, which concluded in the early hours of Saturday.
Pakistani negotiator Ali Waqas Malik voiced his frustration, questioning, "What message do I take back home? There is nothing on the table. No recommendations." German negotiator Heike Henn urged her colleagues not to give up, emphasizing the importance of the process and the expectations of people.
As of now, another meeting is likely to be scheduled for early November in Abu Dhabi in an attempt to reach an agreement before the global climate talks of COP28 commence in the United Arab Emirates on November 30.
At an earlier stage of the meeting, Sultan al-Jaber, the Emirati president of the COP28 talks, urged governments to make early financial contributions to the fund as a demonstration of good faith. He stated, "I don't want this to be an empty bank account. This committee has to deliver recommendations. The COP has to make the decision of activating the fund."
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