# EU countries seek common stance on climate compensation for COP27 Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-10-24 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: EU Ministers to Discuss Compensation for Climate Change Meta Description: EU ministers will debate on how to address loss and damage from climate change at upcoming U.N. climate talks in Egypt to support developing nations. URL: https://financedigest.com/eu-countries-seek-common-stance-on-climate-compensation-for-cop27html ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-10-24t095735z3lynxmpei9n03rrtroptp4climate-un-eu-1736814986525-compressed.jpg) By Kate Abnett and Bart H. Meijer BRUSSELS (Reuters) -Ministers from European Union countries will attempt on Monday to agree their negotiating position for this year’s U.N. [climate talks, including on the contentious topic of compensation for the damage climate change](https://www.financedigest.com/exclusive-world-bank-seeks-more-funds-to-address-climate-change-other-crises-document.html "Exclusive-World Bank seeks more funds to address climate change, other crises -document") is inflicting on the world’s poorest. The EU, the world’s third-biggest emitter of greenhouse gases, is facing pressure from developing nations to soften its long-standing resistance to compensation for the “loss and damage” wrought by floods, rising seas and other [climate change-fuelled impacts](https://www.financedigest.com/climate-impacts-heading-to-uncharted-territories-of-destruction-un-chief.html "Climate impacts heading to ‘uncharted territories of destruction’ -UN chief"). We will [bring ideas to the table to make sure that adaption and loss](https://www.financedigest.com/loss-of-queen-brings-first-encounter-with-death-for-some-children.html "Loss of queen brings first encounter with death for some children") and damage are addressed in a way that developing countries see as positive. I [think it’s extremely important that the EU plays](https://www.financedigest.com/55-of-people-who-regularly-play-sport-dont-think-being-verbally-abusive-to-another-player-makes-them-a-bad-sport.html "55% OF PEOPLE WHO REGULARLY PLAY SPORT DON’T THINK BEING VERBALLY ABUSIVE TO ANOTHER PLAYER MAKES THEM A BAD SPORT") that role,” EU climate policy chief Frans Timmermans said on Monday. A draft of the EU’s negotiating position for the United Nations summit in November, which climate [ministers will attempt to approve at Monday’s meeting](https://www.financedigest.com/not-business-as-usual-for-g20-foreign-ministers-meeting-in-bali.html "Not ‘business as usual’ for G20 foreign ministers meeting in Bali"), showed the 27-nation bloc would support talks on the topic at the COP27 gathering in Egypt. That could represent a breakthrough, since even getting the [issue of loss and damage on to the summit agenda has proved contentious amid divergent views among rich and poor nations about where those talks](https://www.financedigest.com/more-than-one-in-ten-brits-are-embarrassed-to-talk-to-anyone-about-their-money-issues.html "More than one in ten Brits are embarrassed to talk to anyone about their money issues") should lead. But the EU draft document, seen by Reuters, remained vague on what such [discussions at the summit](https://www.financedigest.com/swiss-ico-summit-attracts-global-industry-leaders-to-discuss-future-of-crypto-finance.html "Swiss ICO Summit Attracts Global Industry Leaders to Discuss Future of Crypto Finance") in the coastal resort of Sharm El Sheikh – expected to be attended by 200 countries – should ultimately deliver. Developing countries say COP27 [must establish a fund to support countries struck by climate impacts like the floods in Pakistan this year that killed nearly 1,700 people](https://www.financedigest.com/life-post-brexit-people-must-take-precedent.html "Life post Brexit – people must take precedent"). Ministers will also decide whether the EU should commit to upgrade its own [climate change](https://www.financedigest.com/deloitte-research-reveals-inaction-on-climate-change-could-cost-the-worlds-economy-us178-trillion-by-2070.html "Deloitte research reveals inaction on climate change could cost the world’s economy US8 trillion by 2070") target to be more ambitious. Some diplomats said countries were still at odds over whether to [agree to raise the target by a certain date, or whether to pre-emptively agree to upgrade](https://www.financedigest.com/u-s-ukraine-agree-to-launch-talks-to-upgrade-2008-trade-accord.html "U.S., Ukraine agree to launch talks to upgrade 2008 trade accord") it at all. (Reporting by Kate Abnett; Editing by Emelia Sithole-Matarise and David Holmes) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---