Excerpt and photo from sibconline.com.sb
The 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP28) has made a landmark agreement after 30 years for the operationalization of the Loss and Damage Fund after it was established at COP27 in Egypt last year.
The agreement was reached soon after the opening plenary of the first day of COP28 in Dubai on Thursday. This agreement was seen as a relief to Small islands states that are campaigning for a loss and damage fund to help address the impacts of climate change.
Millions of dollars in pledges have been made by developed countries.
The United Arab Emirates and Germany pledged $100 million each, the United Kingdom with $50 million for the fund and $25 million for funding arrangements, the United States with $17.5 for the fund; $4.5 million for Pacific Resilience Facility and $2.5 million for the Santiago Network, Japan with $10 million while the European Union excluding Germany with around $145.6 million.
This brings the aggregate for the fund to reach $423.1 million and funding arrangements to $32 million with more to come in the summit.