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On the opening day of COP28, 196 parties adopted the decision to operationalise the Loss and Damage fund, approving the draft text adopted by the transitional committee in Abu Dhabi earlier this month — a move widely seen as a win for developing countries. | Latest News India
The world just took a big step toward compensating countries hit by deadly floods, heat and droughts. Nearly all nations on Thursday finalized the creation of a fund to help compensate countries struggling to cope with loss and damage caused by climate change, seen as a major first-day breakthrough at this year’s U.N. climate conference. Some countries started putting in money right away — if little compared to the overall anticipated needs.
With the leadup to COP28 marked by scandal after scandal and geopolitical tensions pitting the Global North and South against each other, establishing a loss and damage fund and pouring hundreds of millions into it on the first day of the UN climate conference is an unprecedented achievement, advocates say.
From renewable energy to reform of climate financing, we look at the big issues likely to draw focus at COP28, opening this week in Dubai
Developed and developing countries have already come to blows, figuratively, even before this year’s climate conference has begun. There were disagreements over the terms to operationalise a new fund to compensate those people facing the worst effects of climate change