Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

U.S. groups urge Kerry to back climate compensation fund

Commodities Oct 25, 2022 10:11AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A sticker placed on a fence is seen during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain November 12, 2021. REUTERS/Dylan Martinez

By Valerie Volcovici

WASHINGTON (Reuters) - Over 100 U.S. environmental groups on Monday urged top U.S. climate diplomat John Kerry to support the creation of a fund that would compensate countries that have experienced economic and physical loss from climate change, a key demand of vulnerable countries at the upcoming COP27 climate summit in Egypt.

The letter, signed by groups that include the Sierra Club and Greenpeace USA, says the world's second biggest emitter of greenhouse gas emissions is responsible for nearly a quarter of global cumulative greenhouse gas emissions since the Industrial Revolution and has a responsibility to address loss and damage.

The United States and European Union, the world's third-biggest emitter of greenhouse gases, are facing pressure from lower-income nations to soften their long-standing resistance to compensation for the "loss and damage" wrought by floods, rising seas and other climate change-fueled impacts.

"The U.S.’s negotiating posture on loss and damage has been recalcitrant, creating a major obstacle to meeting the urgent needs of climate vulnerable countries and causing great harm to our nation’s reputation on the world stage," the groups wrote in the letter.

A senior Biden administration official told reporters last week that the United States does not necessarily oppose the creation of a new "loss and damage" funding facility but believes that there are existing sources of funding that could potentially be tapped to cover climate losses.

"Would we...rule out talking about proposals for new things? No, of course not," the official said. "We also think you need to examine the existing institutions and see what the what the gaps are."

The official said that the United States rejected a proposal made by climate vulnerable nations in Glasgow last year at the COP26 climate summit because it did not specify whether some countries would be legally liable for climate damages

A draft of the EU's negotiating position for COP27 leaked last week showed the 27-nation bloc would support talks on the topic at the COP27 gathering in Egypt but did not specify whether it supports a funding mechanism.

Egypt, host of the United Nations' climate negotiations, has appointed the environment ministers of Chile and Germany to come up with a plan for including the controversial loss and damage topic on the formal summit agenda.

U.S. groups urge Kerry to back climate compensation fund
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Clay Douglass
Clay Douglass Oct 25, 2022 1:31PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
everyday more garbage spending by the dems.biden is a lying bum.
Connecticut Yankee
A_Jaundiced_Eye Oct 24, 2022 2:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Slush fund for liberals.
Brad Albright
Brad Albright Oct 24, 2022 2:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yeah, all those liberals in the Maldives.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email