COP28 Agrees to Operationalize ‘Loss And Damage Fund’

COP28 Agrees to Operationalize ‘Loss And Damage Fund’

Officially launched in the vibrant city of Dubai, United Arab Emirates, the Conference of the Parties to the United Nations Framework Convention on Climate Change, known as COP28, is now underway.

The conference aims to address the challenges of climate change, marking a pivotal moment since the Paris Agreement.

Invitations have been extended to explore diverse strategies to confront the impacts of climate change and navigate the complex path laid out by the international community.

This event represents a significant milestone in the ongoing global efforts to combat climate change since the Paris Agreement, and expectations are high for substantial outcomes.

On the inaugural day of the week-long conference, a significant milestone was achieved with the adoption of the first foundational resolution.

Delegates at the COP28 climate talks in Dubai formally adopted a loss and damage fund Thursday to transfer finances to countries hit hardest by the climate crisis.

The details had already been agreed earlier this month at a pre-COP session, when it was decided that the World Bank would host the fund.

Participants emphasized the conference’s role in fostering global collaboration for effective and swift action.

The newly established fund garnered contributions exceeding $300 million in its initial round of pledges.

In a groundbreaking move, the UAE