The United Nations' COP28 climate conference officially launched a "loss and damage" fund, a longstanding demand from vulnerable nations affected by natural disasters linked to global warming.
"We have made history today," declared the UAE's COP28 president, Sultan Al Jaber, announcing his country's commitment of $100 million to the fund. Germany also pledged $100 million.
After years of hesitation on the matter, wealthy nations endorsed the fund in a significant agreement at the COP27 summit in Sharm el-Sheikh last year.
The launch of the fund on the first day of COP28 in Dubai followed challenging negotiations on its operational details, with the fund temporarily housed at the World Bank.
"This sends a positive signal of momentum to the world and to our work," stated Jaber, according to The Hindu.
He highlighted that it was "the first time a decision has been adopted on day one of any COP, and the speed at which we have done so is also unique, phenomenal, and historic."
"This is evidence that we can deliver. COP28 can and will deliver," he added.
Nishtha Anushree is Senior Sub-editor at Swarajya. She tweets at @nishthaanushree.
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