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https://theconversation.com/cop28-climate-summit-just-approved-a-loss-and-damage-fund-what-does-this-mean-218999>
"Day one of the COP28 climate summit saw the first big breakthrough: agreement
on a “loss and damage” fund to compensate poor states for the effects of
climate change.
Met with a standing ovation in Dubai, the agreement means wealthy states and
major polluters will put millions of dollars towards a fund that will in turn
distribute funds to poor states harmed by climate change. The fund will be
administered by the World Bank. Initial commitments amount to US$430 million.
It will come as a huge relief to the United Arab Emirates, the summit’s host.
The country was under pressure even before talks began about its fossil fuel
expansion plans and the fact the president of the climate talks is chief
executive of a national oil company. This undoubtedly featured in the UAE’s
decision to commit US$100 million to the fund.
Other countries to make initial commitments to the fund include the United
Kingdom ($75 million), United States ($24.5 million), Japan ($10 million) and
Germany (also US$100 million). Pressure will now build on other wealthy
countries, including Australia, to outline their own commitments to the fund."
Cheers,
*** Xanni ***
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mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
