The world has agreed to key details of a loss and damage fund on the first day of the COP28 climate summit in Dubai, United Arab Emirates, allaying fears that the issue would unravel negotiations on other urgent issues at the meeting.
The world has agreed to key details of a loss and damage fund on the first day of the COP28 climate summit in Dubai, United Arab Emirates, allaying fears that the issue would unravel negotiations on other urgent issues at the meeting. Negotiators have worked for the past year to thrash out key details of this “loss and damage” fund, with battle lines forming over who will pay into it and who will have access to it.
Around $300 million has already been pledged for the fund, including $100 million from both Germany and the UAE, $75 million from the UK and $17.5 million from the US. Roder says this is a far cry from the hundreds of billions of dollars needed to address loss and damage, but this early agreement could help smooth debates on the many other urgent issues at the summit, including an agreement to triple renewable energy capacity by 2030 and a decision on what to do about fossil fuels
COP28 Climate Summit Loss And Damage Fund Negotiations Urgent Issues Renewable Energy Fossil Fuels
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