COP28 Approves Loss and Damage Fund

By November 30, 2023 November 30, 2023 News
COP28 President Dr. Sultan Al Jaber today announced the first major milestone of COP28 delivering a historic agreement to operationalize the Fund which will assist developing countries that are particularly vulnerable to the adverse effects of climate change, known in the negotiations as ‘loss and damage’

The Fund will now be administered by the World Bank on an interim basis for four years, describing the move as a “positive signal” to the world. The Fund was first agreed upon during COP27, held in Sharm El Sheikh, Egypt, and becomes operational today following the agreement reached by parties during 5 transitional committee meetings. The 5th transitional meeting hosted earlier this month in Abu Dhabi was added by the COP28 Presidency following the impasse reached at the 4th meeting, where Parties reached a resolution.

The UAE announced its commitment of $100 million to the Fund, which aims to provide financial assistance to countries at extreme risk from climate change, to support climate change mitigation and recovery. Other countries making notable commitments included Germany, which committed $100million, the UK, which committed £40million for the Fund and £20million for other arrangements, Japan, which contributed $10million and the U.S., which committed $17.5million.

Access the news article on the COP 28 Website.