Five countries and the EU have pledged more than $420mn to seed a historic new “loss and damage” fund to help developing nations deal with climate change, marking an early success for negotiators at COP28 in Dubai.
An agreement to set up the fund was struck last year at COP27 in Egypt as a key outcome of an otherwise fraught summit, but for the past year there have been clashes over the details of the fund, including the basic issues of where it should be hosted, who should pay in and who should benefit.
The United Arab Emirates and Germany pledged $100mn each to the fund, the UK committed $50mn, with US and Japan bringing up the rear with just $17.5mn and $10mn respectively.
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