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COP28: Agreement on the ‘loss and damage’ fund
COP28 achieves a historic milestone as delegates formalize the 'loss and damage' fund, providing financial support to vulnerable countries affected by the climate crisis.
By Trackinsight
December 1, 2023
- COP28
- Loss and damage
- Climate crisis
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The implementation of the fund intended to finance 'loss and damage' from climate impacts for vulnerable countries materialized the key outcome of COP27 in Egypt last year. The fund had been approved in principle, but its specifics had yet to be defined.
Delegates representing nearly 200 participating countries at the COP28 climate summit in Dubai formally adopted the ‘loss and damage’ fund, and several nations have already pledged tens of millions of dollars to the nations hardest hit by the climate crisis, with the COP28 host country, the United Arab Emirates, funding up to $100 million.
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This historic decision was greeted with a standing ovation from delegates. It marks a positive step on the first day of COP28, aimed at easing financial tensions between the North and the South, running parallel to negotiations on fossil fuels.
Find all the information you need on ESG ETFs through Trackinsight’s ESG Investing portal.
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