Negotiators at the UN's COP27 climate summit have reached a tentative agreement to establish a Loss and Damage Fund for nations vulnerable to climate disasters.
According to CNN, an EU source directly involved with the negotiations cautioned that the deal is part of the larger COP27 agreement that has to be approved by nearly 200 countries.
The EU source says negotiators are now reporting back to their groups, but progress has been made.
In a discussion Saturday afternoon, Egypt time, the EU managed to get the G77 bloc of countries to agree to target the fund to vulnerable nations, which could pave the way to a deal on loss and damage.
If finalized, the deal would represent a major breakthrough on the international stage and far exceed the expectations of this year's climate summit.
Countries that are the most vulnerable to climate disasters – yet who have contributed little to the climate crisis – have struggled for years to secure a loss and damage fund.
Mathew Samuda, the Jamaican minister who has direct responsibility for matters pertaining to climate change, and who is leading Jamaica's delegation at the summit, had said the country would be lobbying for loss and damage donations from developed countries.
Senator Samuda said Jamaica would call for increased access to and equitable sharing of funds to respond to the effects of climate change, such as heatwaves and floods, from which the country has not been spared.
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