COP28 has adopted on its first day the decision that launches the loss and damage fund, that will compensate the countries most vulnerable to climate change due to the impacts of warming and United Arab Emirates, Germany, United Kingdom, United States and Japanamong other countries, have committed to contributing.
The decision, which the president of the COP28, Sultan Al Yaber, described as “historic” – since “it is the first time that a decision is adopted on day one of the summit, he noted – includes the proposal of the Transitional Committee that met during the year to specify the details of this new background.
“The speed at which we have done it has also been unique, phenomenal and historic,” he highlighted. Al Jaber after approval of the document.
Given the lack of consensus on one of the most controversial points regarding the fund – where it will be housed – the committee decided in its last meeting in Abu Dhabi, at the beginning of November, that the world Bank will accept it provisionally, a suggestion questioned by the countries of the Global South and by civil society, who distrust this institution.
The countries, gathered on the first day of the COP28have formally adopted the decision that makes the fund operational, which was also born with the first official commitments of contributions by some states considered to be the most historically responsible for the climate crisis.
➡️ Subscribe to our Newsletter and receive the most relevant notes in your email
United Arab Emirates and Germany each one has promised to contribute 100 million dollars to the new fundwhile United States, United Kingdom and Japan They have also announced their commitments to contribute.