The United Arab Emirates (UAE), which is hosting this year’s climate change summit says it will commit a total of $100 million to the new Loss and Damage fund for climate vulnerable countries.
This was made known during the opening plenary of the 28th United Nations Conference of the Parties (COP28) in Dubai on Thursday.
Loss and Damage is used to refer to the consequences of climate impacts that are separate from adaptation and mitigation measures.
“This is an important milestone in delivering for vulnerable communities and building resilience for people suffering the devastating impacts of climate change,” the organisers said.
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The UAE encouraged leaders to raise ambition and unlock the crucial funding required to ensure a transformational COP28.
The establishment of a Loss and Damage Fund at COP27 in Egypt last year was said to be one of the laudable outcomes reached by parties.
Story was adapted from Premium Times.
