First Day of COP28: Countries Agree to Operationalise Loss and Damage Fund

First decision reached at the conference is to establish a fund to assist the world's poorest and most vulnerable countries affected by climate disasters.

At the UN Cop28 conference, the first decision reached was to establish a fund aimed at assisting the world's poorest and most vulnerable countries affected by climate disasters. The loss and damage startup fund received pledges of $100 million from the United Arab Emirates and Germany, with additional funds coming from the EU, the US, Japan, and the UK.

The fund, initially administered by the World Bank, aims to provide funding for reconstruction and rehabilitation in developing nations. While the fund's operationalization is praised, concerns are raised about its long-term sustainability and accessibility. The establishment of the fund is seen as a significant victory for the UAE, despite controversy surrounding its oil and gas industry. 

The conference will continue discussions on ways to limit global warming and prevent irreversible climate damage.

Source: theguardian.com