Climate Fund Talks Collapse Amidst Global Disputes and Blame Game

Talks on the creation of a new fund to assist vulnerable countries in recovering from climate disasters have collapsed, with developing countries blaming the US for insisting on housing the fund in the World Bank, which is dominated by highly developed economies. The EU, which also supports the World Bank as the host, was accused of hiding behind the US. The failure to reach an agreement on contentious issues, including the fund's headquarters, has led to disappointment among developed and developing parties. Another meeting is expected to be scheduled in November to find a deal before the COP28 global climate talks.