COP27 talks on climate compensation not yet ready to agree new fund - EU

Talks at the COP27 climate summit about how to compensate developing countries for the damage caused by climate change are not yet ready to decide on a new funding mechanism, a European Union negotiator said on Friday.

The topic, known as "loss and damage", made it to the agenda for the conference in Egypt in what was seen as a breakthrough for developing nations who want richer states to pay for decades of emissions that have caused global temperatures to rise. EU negotiator Jacob Werksman said that he hoped for substantive outcomes from the COP27 summit that went beyond process, but also said the talks were not ready to agree on a single funding solution.

"We don't think that this process is ready to agree in principle that a new fund or facility is the right or the only way forward," he told a news conference. "But we are not excluding that and couldn't exclude that as a significant part of the conversation."