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’ve delivered history today. The first time a decision has been adopted on day 1 of any COP. And the speed in which we have done so is also historic.

Getting this done demonstrates the hard work of so many, particularly members of the transitional committee who worked… pic.twitter.com/vPIpX5QBjw

— COP28 UAE (@COP28_UAE) November 30, 2023

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 drought, floods and rising seas.

UAE to contribute $100m to fund after COP28 announcement

The UAE will contribute $100m to a new climate disaster fund, UAE foreign minister Sheikh Abdullah bin Zayed said on Thursday, leading a combined contribution along with other countries of just over $300m.

“We congratulate all parties on the historic adoption of this fund for climate impact response and announce the UAE commitment of $100m as our contribution,” he said after the announcement at Day 1 of the climate summit approved the fund’s arrangements, reported Reuters.

Other countries promising to contribute to the fund included Germany, with $100m; Britain with up to GBP60m ($75.89m); the US with $17.5m and Japan with $10m.

Outstanding that all parties have come together in an expression of solidarity to adopt the new Loss and Damage Fund in the opening of #COP28

Proud that Germany 🇩🇪 & UAE 🇦🇪could together provide the $100 Mio each to start capitalising the fund. Hopefully more pledges to follow! https://t.co/Shp4mXRea3

— Jennifer Morgan (@climatemorgan) November 30, 2023

Also read: COP28: Watch live stream of opening ceremony