October 21, 2023

United Nations representatives failed to secure a deal during late-night talks on how to implement a reparations fund for climate disaster recovery in developing nations.

The "loss and damage fund" would call on rich countries to finance the recovery of climate disasters that have wrecked developing nations and set them behind on their sustainability goals.

The commitment to establish the fund was one of the highlight announcements of last year's UN Climate Conference, or COP27, after a series of down-to-the-wire negotiations. Part of the agreement at COP27 was the creation of a Loss and Damage Transitional Committee, which would be in charge of negotiating the details on how to set up and operate the fund.

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