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COP28 : UAE, Germany launch $100m Loss and Damage Fund

COP28 : UAE, Germany launch $100m Loss and Damage Fund

Tooba Shakir 5 months ago 0

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COP President Sultan Al Jaber expressed the historic nature of this swift decision

COP28 president Sultan Ahmed Al Jaber (C) presides the opening ceremony of the COP28 United Nations climate summit in Dubai on November 30, 2023. The UN climate conference opened in Dubai on November 30 with nations under pressure to increase the urgency of action on global warming and wean off fossil fuels, amid intense scrutiny of oil-rich hosts UAE. —AFP
COP28 president Sultan Ahmed Al Jaber (C) presides the opening ceremony of the COP28 United Nations climate summit in Dubai on November 30, 2023. The UN climate conference opened in Dubai on November 30 with nations under pressure to increase the urgency of action on global warming and wean off fossil fuels, amid intense scrutiny of oil-rich hosts UAE. —AFP

At the onset of the COP28 summit, a landmark decision marked the establishment of the Loss and Damage Fund, with the UAE committing $100 million to aid developing and vulnerable nations grappling with climate change-induced natural disasters. 

COP President Sultan Al Jaber expressed the historic nature of this swift decision, emphasising the summit’s potential for comprehensive global climate action over the next 12 days.

Germany also joined the initiative with a $100 million pledge, garnering a standing ovation from delegates. 

However, climate experts stress the urgency for increased contributions, calling governments to provide billions of dollars as developing countries face escalating challenges.

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