Developing countries group, China seek new 'loss and damage' fund - draft proposal

The G77 bloc of developing countries and China are proposing the establishment of a new 'loss and damage' fund to provide finance to countries hit by climate disasters, a draft text of their proposal to the COP27 summit showed.

The text seen by Reuters set out their proposal for a new fund, with its principles and operating policies to be established by the next round of climate talks in Dubai in 2023.