Thu. Dec 8th, 2022

Negotiators say they have reached a potentially landmark deal on the thorniest issue of the United Nations climate talks – the creation of a fund to compensate poor nations that fall victim to extreme weather.

According to the Maldives’ environment minister, Aminath Shauna, “there is an agreement on loss and damage,” which negotiators call the concept.

It still needs to be unanimously approved by a vote later today. “This means that for countries like ours, we will have the mosaic of solutions that we have been advocating for,” added Shauna.

New Zealand’s climate minister, James Shaw, said both the poor countries that would receive the money and the rich countries that would give it agreed to the proposed agreement.

If approved, it would be a major victory for poorer nations that have for decades sought compensation, sometimes even called reparations, because they are often the victims of climate disasters despite contributing little to global pollution.

As this story develops throughout the day, the Euronews team will update this page.