The issue of mobilizing new funding to compensate for climate-driven destruction is a contentious one, with rich nations, including the United States and European Union members, having opposed past proposals for a "loss and damage" fund over concerns about their liabilities. Other topics will include how international financial institutions like the World Bank could be reformed to speed the transition away from fossil fuels. The talks are likely to address how these and other nations affected by climate change could be compensated by rich countries believed to have caused it. negotiations in Egypt follow a year of wild weather disruptions around the world, as global warming takes a toll - from the devastating floods in Pakistan, South Africa and Nigeria, to heatwaves in the Arctic and across Europe and record-setting droughts in the American West and France. conference is likely to tout Biden's legislative victories on climate change, including passage of the Inflation Reduction Act, which included billions of dollars in subsidies for wind and solar power and electric vehicles. and international oil and gas drillers to ramp up production to address tight global markets, lower consumer prices and offset supply disruptions linked to Russia's war on Ukraine - showing how the energy crunch has changed the policy priorities of a president who had campaigned on a promise to quickly put an end to the fossil fuel era. President Joe Biden, meanwhile, has been urging U.S. and China collaborating? Yes, it is, but it's not easier," he said. "Is it possible to make progress without the U.S. Alden Meyer, international climate policy expert at E3G, said the fraying of diplomatic ties between Washington and Beijing over issues including Taiwan and the war in Ukraine were a headwind for global climate progress, noting past collaboration between the two had helped boost climate talks.
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