October 23, 2023

Negotiations over the Biden administration’s proposal for how to set up a new international climate fund did not go so well this weekend.

Countries could not agree on where the so-called loss and damage fund should be housed or how the money should be allocated, write Karl Mathiesen and Zia Weise. The United States and European Union argue that the World Bank should run the operation, while developing nations say that’s a non-starter, citing its long history as an instrument of wealthy powers.

That leaves negotiators to try again in early November. If they fail, the fund will face major question marks heading into the Nov. 30-Dec. 12 climate summit in Dubai, United Arab Emirates — just a year after governments applauded their “historic” agreement to create the pot of money in the first place.

Read more: