COP28 kicks off with a $475 million loss and damage fund
COP28 kicks off with a $475 million loss and damage fund
Dubai: A loss and damage fund to help countries reeling under the impact of climate change was officially launched on the opening day of the COP28 climate conference in Dubai on Friday.
The initial funding is estimated to be $475 million, with the European Union pledging $255.39 million, the US $17.5, Japan $10 million and the host UAE $100 million.
Announced during COP27 at Sharm el-Shaikh in Egypt last year, the loss and damage fund was a long-pending demand of developing countries to provide them with financial assistance to recover from the cascading effect of climate disasters.
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