COP28: Loss and Damage Fund Operationalised, Over $420 Million Pledged on First Day

COP28 delegates operationalised the Loss and Damage Fund after years of negotiations. Over $420 million was pledged on the first day, with contributions from the UAE ($100m), Germany ($100m), Britain (up to £60m), US ($17.5m), Japan ($10m), and EU (at least €225m). The fund is seen as a lifeline for climate-affected communities, but success depends on disbursement speed. Vulnerable countries may face $580 billion in damages by 2030. The US was criticized for its small contribution, with Power Shift Africa director Mohamed Adow calling it inadequate and embarrassing. The World Bank is proposed to host the fund, with conditions for transparency.

COP28 delegates operationalised the Loss and Damage Fund after years of negotiations. Over $420 million was pledged on the first day, with contributions from the UAE ($100m), Germany ($100m), Britain (up to £60m), US ($17.5m), Japan ($10m), and EU (at least €225m). The fund is seen as a lifeline for climate-affected communities, but success depends on disbursement speed. Vulnerable countries may face $580 billion in damages by 2030. The US was criticized for its small contribution, with Power Shift Africa director Mohamed Adow calling it inadequate and embarrassing. The World Bank is proposed to host the fund, with conditions for transparency.

COP28 delegates operationalised the Loss and Damage Fund after years of negotiations. Over $420 million was pledged on the first day, with contributions from the UAE ($100m), Germany ($100m), Britain (up to £60m), US ($17.5m), Japan ($10m), and EU (at least €225m). The fund is seen as a lifeline for climate-affected communities, but success depends on disbursement speed. Vulnerable countries may face $580 billion in damages by 2030. The US was criticized for its small contribution, with Power Shift Africa director Mohamed Adow calling it inadequate and embarrassing. The World Bank is proposed to host the fund, with conditions for transparency.

This story involves 1 source and may affect public understanding of environment / climate-change.