An EU official said the not-yet-final deal “decides to establish new funding arrangements for assisting developing countries that are particularly vulnerable to climate change in responding to loss and damage.”
The same official said a clause in the draft text that referred to “identifying and expanding sources of funding” was a vague reference to expanding the base of countries that would contribute to the fund. The EU will work next year to ensure that that reference applies to countries such as China and Saudi Arabia.
The talks in Egypt set the stage for more conclusive negotiations at the next U.N. climate summit, scheduled for late 2023 in the United Arab Emirates. Those talks will try to develop more details on the design of the new fund.
But with major aspects of the negotiations still ongoing in Sharm El-Sheikh, particularly on a program to encourage steeper cuts in greenhouse gas emissions, Egyptian Foreign Minister Sameh Shoukry, who is leading the talks, cautioned against banking any single aspect of the agreement.
“I don’t want to speculate or to prejudice the ongoing discussions and negotiations,” he said.
Sara Schonhardt contributed to this report.