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Climate change. UAE. The COP28 climate summit established a fund for countries affected by natural disasters

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Almost all countries in the world decided on Thursday in Dubai to create a fund to help countries struggling with floods, heat and droughts caused by climate change, which was considered an important breakthrough on the first day of the UN climate conference, COP28 – reports the Associated Press.

Sultan al-Jaber, chairman of the COP28 climate conference, attended by delegations from almost 200 countries, announced that his country, United Arab Emirateswill pay USD 100 million to the fund.

Sultan al-Jaber, chairman of the COP28 climate conference (left) and COP28 director general Majid Al SuwaidiEPA

Other countries incl Germanyconfirmed their commitment also in the amount of USD 100 million.

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“Loss and Damage Fund”

Developing countries have long struggled to address the problem of inadequate funding for disaster response climate change. They hit poorer countries particularly hard, as they bear little responsibility for climate change, because rich and industrialized countries emit most of the carbon dioxide that traps heat in the atmosphere.

Many details about the “loss and damage fund” remain unresolved for now, such as its size and who will manage it.

UN climate conference COP28 in DubaiPAP/EPA/ALI HAIDER

Billions are needed

A recent United Nations report estimates that as much as $387 billion will be needed annually to adapt developing countries to climate change. Many activists and experts doubt whether it will be possible to collect a similar amount for the “loss and damage fund”.

COP28 in DubaiPAP/EPA/ALI HAIDER

The Green Climate Fund, first proposed at the 2009 Copenhagen climate talks, has not come close to its $100 billion-a-year goal.

Main photo source: EPA



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