UN publishes draft to tackle 'loss and damage' issue in climate debate

SHARM EL-SHEIKH, Egypt - The United Nations (UN) published on Monday a draft text with an aim to address the "loss and damage" issue, one of the hottest topics at the ongoing UN climate conference.

The UN's draft text focuses on matters relating to funding arrangements for addressing loss and damage at the ongoing 27th session of the Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC).

The term "loss and damage" in UN climate negotiations refers to expenses already incurred due to climate change impacts, such as rising sea levels or extreme heat waves.

The draft may include a new fit-for-purpose fund under the UNFCCC and an operating entity of the financial mechanism, as well as the strengthening of existing operating entities.

The draft will be possibly changed by negotiators before the COP27 concludes on Nov 18.

The COP27 kicked off on Nov 6 with loss and damage financing formally on the agenda.