Western countries clash with Saudi over UN climate fund

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Western countries have clashed with Saudi Arabia over the role the kingdom should play in helping to kick-start a UN fund to help poorer countries deal with the loss and damage of climate change.

Article originally published by The Financial Times. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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03 Nov 2023

A last-ditch attempt to agree on the operation of a fund is scheduled over the next two days in Abu Dhabi. There has been wrangling over where it will be based and who should contribute to it ahead of the UN COP28 summit in Dubai.

The decision to create the fund was an important outcome of the COP27 summit in Egypt last year, when leaders of developing countries secured support for “particularly vulnerable” nations.

A failure to establish the fund since then is regarded by many of those nations as setting up COP28 for failure when it convenes on November 30.

COP28 president-designate Sultan al-Jaber said the meetings “must deliver clear, clean, and strong” outcomes. “Billions of people, lives and livelihoods who are vulnerable to the impacts of climate change, depend upon the successful delivery of these recommendations,” he said.

But deep