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Reuters

Business

By Simon Jessop and William James

Developing countries, China seek 'loss and damage' fund - draft proposal

China Developing Countries G77

A river runs high after heavy rains, next to homes which were damaged during previous flooding, in kwaNdengezi near Durban, South Africa, May 22, 2022. REUTERS/Rogan Ward

The G77 bloc of developing countries and China are proposing the establishment of a new 'loss and damage' fund to provide finance to countries hit by climate disasters, a draft text of their proposal to the COP27 summit showed.

The text seen by Reuters set out their proposal for a new fund, with its principles and operating policies to be established by the next round of climate talks in Dubai in 2023.

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