The 28th Conference of Parties (COP28) marked a significant achievement by initiating the operationalization of the Loss and Damage (L&D) Fund. The fund, designed to assist developing countries, especially the vulnerable, in addressing the adverse effects of climate change, received pledges totaling $420 million on its first day. The UAE, a major oil and gas producer, led the contributions with $100 million. COP28 President Sultan Al Jaber emphasized that the fund’s operationalization, within a year since its agreement during COP27, is unprecedented and will support billions of people vulnerable to climate change. While Germany committed $100 million, the UK pledged £40 million for the fund, and the US contributed $17.5 million, among other notable commitments.
COP28 Initiates Operationalization of Loss and Damage Fund with $420 Million Pledged
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