Excerpt and photo from bnamericas.com
The COP28 climate talks, hosted by Dubai, started with pledges worth US$400mn for a loss and damage fund that might also benefit Latin American and Caribbean countries.
However, the resources so far pale in comparison to the US$580bn in annual climate related losses expected to be incurred through 2030, the World Resources Institute’s (WRI) global climate director Melanie Robinson said during a press call.
Robinson highlighted that the establishment of the fund on the first day of the summit still marks an unexpectedly positive early achievement.
The biggest pledges came from Germany and the United Arab Emirates with US$100mn each, the UK (US$50.5mn), the United States (US$17.5mn) and Japan (US$10mn).
More countries are expected to commit resources before the summit ends on December 12.