Thursday, November 30, 2023
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.