The Strategist

COP28 participants to set up fund to support poor countries suffering from climate change

12/01/2023 - 02:02

According to The Guardian, delegates attending the COP28 summit in Dubai have decided to create a fund to assist in making up for the economic losses incurred by the world's poorest nations as a result of climate change. This accord was hailed as a major accomplishment by the publication.

Ted Eytan
Ted Eytan
The UAE, which is hosting the conference, and Germany have each committed $100 million to the fund; the fund's size should be determined by the growing expenses of natural disasters and escalating phenomena like melting glaciers, rising sea levels, and acidifying oceans.

Svenja Schulze, the German Minister of Development, who attended the meeting urged all willing nations to donate to the fund. With $75 million from the UK, $24.5 million from the US, and $10 million from Japan, it started off at roughly $300 million. The parties have not yet reached a consensus on all the required papers, even with the decision to establish the fund; the process is expected to conclude with the meeting on December 12.

According to The Guardian, the projected annual damage caused by climate challenges to developing nations is $400 billion, and this figure is expected to rise.


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