COP28 in Dubai. A loss and damage fund is announced. The rich are expected to compensate the poorer nations.
The 28th United Nations Climate Change Conference, COP28, began last week with a bang as countries came together to adopt a draft resolution for a loss and damage fund — in which rich countries that have benefited from historical activities that produced high emissions help the poorer countries that are hardest-hit by the impacts of climate change.
The loss and damage fund will aim to support the most vulnerable and poorest countries to keep up with the rising costs associated with extreme weather events, such as storms and floods, as well as longer term consequences of climate change including rising sea levels and melting glaciers.
Flooding in Egypt
Nations have already pledged more than $400 USD million to the fund, with host country the United Arab Emirates and Germany both promising $100 USD million. The United States came forward with $17.5 million USD — a relatively paltry sum, but still significant because the United States had previously fought against loss and damage, seeing it as a slippery slope to the idea of climate reparations, which it opposes. Details about how the fund will be disbursed — and whether poorer nations will have to repay the cash — remain to be decided.
As of Dec 6, loss and damage funds from countries are:
AE $100 million
Germany $100 million
other European contributions of $145 million equivalent
UK $50.6 million equivalent
United States $17.5 million
Japan $10 million
