Finally achieving agreement on such a fund is a milestone and, as a nod to such reluctance, the agreement reached at COP27 states nations cannot be held legally liable for payments. However, many issues remain open - the fund must be set up and filled with cash. It is likely will be several years before the fund exists, with the COP27 agreement setting out only a roadmap for resolving lingering questions including who would oversee the fund, how the money would be dispersed – and to whom. The United States and the European Union are pushing for assurances that China will eventually contribute to any fund created — and that China would not be eligible to receive money from it. China has fiercely resisted being treated as a developed nation in global climate talks.

Source: New York Times November 24, 2022 01:00 UTC