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WEEK IN REVIEW: The G77 Bloc of Countries Together With China To Propose a New “Loss and Damage” Fund at the COP27 Summit

Protesters take part in a demonstration called by the Climate Alliance European city network in Madrid on November 12, 2022. Pierre-Philippe MARCOU / AFP

The G77 bloc of countries together with China is reportedly going to propose a new “loss and damage” fund at the COP27 summit to provide finance to poor countries impacted by climate disasters. The fund appears to be a repackaged version of the failed “climate adaptation fund” that wealthy countries balked at financing. Supporters say they hope the new initiative will be established before the next round of climate talks in Dubai in 2023. (REUTERS)

U.S. Ambassador to Zambia Michael Gonzales called on all of Zambia’s creditors to accept debt write-offs. Although he didn’t specifically mention Chinese creditors that own more than a third of Zambia’s external debt, he did say there was a “stinky debt’. “There’s a lot of shenanigans that went into the debt that the Zambian people are now saddled with for a generation,” he said during a Sunday interview on state television.(BLOOMBERG)

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