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


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