Nations reach deal on ‘loss and damage’ fund at Dubai climate summit

 

The international COP28 climate summit has reached an agreement on the logistics of a loss and damage fund, a mechanism to compensate vulnerable nations for the impact of climate change, organizers announced Thursday.

The United Arab Emirates, which is hosting the summit, will contribute $100 million to the fund, as will Germany, German Development Minister Svenja Schulze confirmed Thursday, with more than 190 nations’ negotiators backing the deal. 

Nations agreed to create the fund at last year’s COP27 meeting in Egypt, after years of minimal movement due to developed nations continually blocking the creation of a fund. In the draft agreement reached Thursday, the first day of COP28, the U.S. is set to contribute about $24.5 million, while Japan will contribute $10 million...more