Historic moment for loss and damage fund at COP28

Historic moment for loss and damage fund at COP28

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Dubai COP28

COP28 in Dubai. A loss and injury fund is introduced. The wealthy are anticipated to compensate the poorer nations.

The twenty eighth United Nations Climate Change Conference, COP28, started final week with a bang as nations got here collectively to undertake a draft decision for a loss and injury fund — by which wealthy nations which have benefited from historic actions that produced excessive emissions assist the poorer nations which are hardest-hit by the impacts of local weather change.

The loss and injury fund will goal to help probably the most weak and poorest nations to maintain up with the rising prices related to excessive climate occasions, corresponding to storms and floods, in addition to long run penalties of local weather change together with rising sea ranges and melting glaciers.

safaga floods egypt red sea coast

Flooding in Egypt

Nations have already pledged greater than $400 USD million to the fund, with host nation the United Arab Emirates and Germany each promising $100 USD million. The United States got here ahead with $17.5 million USD — a comparatively paltry sum, however nonetheless vital as a result of the United States had beforehand fought in opposition to loss and injury, seeing it as a slippery slope to the thought of local weather reparations, which it opposes. Details about how the fund might be disbursed — and whether or not poorer nations must repay the money — stay to be determined.

As of Dec 6, loss and injury funds from nations are:

AE $100 million

Germany $100 million

different European contributions of $145 million equal

UK $50.6 million equal

United States $17.5 million

Japan $10 million

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