COP28 delegates approved the operationalisation of the long-debated Loss and Damage Fund, with over $420 million pledged on its first day from the UAE, Germany, Britain, the United States, Japan and the European Union. The article notes concerns about the relatively small US contribution and the lack of hard deadlines, targets and mandatory payments into the fund.
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COP28: Loss and Damage Fund Operationalised, Over $420 Million Pledged on First Day
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The United Arab Emirates (UAE) pledged $100 million to kickstart the Loss and Damage Fund.
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with pledges from Germany amounting to $100 million
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Britain committing up to 60 million pounds ($75.89 million)
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the United States offering $17.5 million
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Japan contributing $10 million
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the European Union (which includes Germany) committing at least EUR 225 million ($245.6 million)
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Vulnerable countries are projected to face up to $580 billion in climate-related damages in 2030, with the number expected to rise.
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The COP28 delegates have given the green light for the operationalisation of the long-debated Loss and Damage Fund.
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