The deal to create a “loss and damage” fund to help the world’s poorest and most vulnerable countries hit by climate change at the COP28 represents not only a huge victory for global climate justice but also a huge compromise for developing countries, according to Laura Kuhl, assistant professor of Public Policy and Urban Affairs and International Affairs at Northeastern University.
On the first day of the UN Climate Change Conference, also known as COP28, which opened Thursday in Dubai, the United Arab Emirates (UAE), countries reached an agreement on funding the most impacted by climate change and setting the World Bank as a temporary host for the fund.
The deal has been seen as a breakthrough at this year’s UN climate talks.
COP28 President Sultan al-Jaber hailed “the first decision to be adopted on Day One of any COP” and said his country, the UAE, would chip in $100 million. Other countries stepped up with big-ticket commitments, including Germany, also at $100 million.
