COP28 Kicks Off in UAE with Agreement on Loss and Damage Fund

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The first day of the United Nations’ Climate Change Conference COP28 kicked off on Thursday in the United Arab Emirates with a formal approval of the draft decision for the Loss And Damage Fund. “We’ve delivered history today. The first time a decision has been adopted on day 1 of any COP. And the speed in which we have done so is also historic,” COP28 President Sultan Al-Jaber said at the conference to a standing ovation. Al-Jaber also announced that the United Arab Emirates is pledging $US100 million to the fund. In total, more than $US420 million was pledged to the Loss and Damage Fund on Monday. Germany committed $US100 million, the European Union pledged $US246 million, and the United Kingdom pledged “up to” $US60 million. The United States pledged $US17.5 million to the fund, subject to U.S. Congressional approval. Meanwhile, Japan committed $US10 million. The long-awaited fund to help poor states damaged by climate disasters was decades in the making. After years of challenging climate finance negotiations, the creation of a Loss and Damage Fund was celebrated as a pivotal moment by developing country negotiators at the 2022 COP27…

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The post COP28 Kicks Off in UAE with Agreement on Loss and Damage Fund first appeared on Egyptian Streets.

Source: egyptianstreets