COP28 formally approves climate disaster fund arrangements
Countries at the UN COP28 climate summit on Thursday formally approved a deal on a new climate disaster fund.
The deal was adopted following the COP28 opening ceremony, drawing a standing ovation from delegates. "We have delivered history today," the UAE's COP28 President Sultan Al Jaber told delegates, adding that his country was committing $100 million to the fund.
It was "the first time a decision has been adopted on day one of any COP, and the speed in which we have done so is also unique, phenomenal and historic," Jaber said. "This is evidence that we can deliver. COP28 can and will deliver."
Representatives from developed and developing countries painstakingly crafted the agreement during negotiations this year. It will launch a fund to help vulnerable nations cope with the cost of climate-driven damage from droughts, floods and rising seas.
Other countries promising to contribute to the fund included Germany, with $100 million; Britain, with up to 60 million pounds ($75.89 million); the United States, with $17.5 million and Japan, with $10 million.