In a historic breakthrough on the opening day of the Cop28 UN summit, a pivotal agreement has been reached to establish a fund addressing the irreversible impacts of climate disasters on the world’s most impoverished and vulnerable nations. Both the UAE and Germany have pledged $100 million each to the loss and damage startup fund, which aims to alleviate the escalating costs triggered by extreme weather events and slow-onset disasters. The standing ovation from delegates underscores the significance of this milestone. The fund, initially totaling close to US$429 million, will play a crucial role in supporting affected countries, though questions about long-term sustainability linger. For more details on this landmark deal and its implications, click here to read more.
