The exact amount of money to be included in the fund and its source are yet to be determined. Currently, the preliminary proposal suggests that developed nations take the lead in contributing financial resources to initiate the fund. So far, no concrete commitments have been made.

On the initial day of the conference, reaching an agreement would resolve a persistent issue and enable attendees to concentrate on addressing the main source of destruction: the use of fossil fuels. This would be a promising development for a conference challenged by political turmoil, a strong fossil fuel market, and criticism from environmental activists regarding the hosting country’s reliance on petroleum.

However, this will require a final consensus among nearly 200 nations coming together for the start of the 14-day convention.

On Monday, during a press conference, it was stated that the amount in discussion is in the hundreds of millions. It was also recommended that governments contribute a minimum of $200 million at the summit.

One European diplomat stated that the funds would only be enough to cover initial expenses for the fund. The World Bank, which would serve as the temporary home for the fund, mandates a minimum of $200 million to establish and operate a fund.

The United States and European Union are advocating for an expansion of the donor base for the fund, reaching beyond the usual wealthy countries. They have specifically urged China to join as a donor, but China has rejected this idea, stating that it already supports developing countries through individual programs and collaborations known as South-South cooperation.

Charlie Cooper from London contributed to the report. Karl Mathiesen and Sara Schonhardt also reported from London and Washington, D.C., respectively.