Countries at COP28 approve climate disaster fund deal details in early breakthrough

Dubai, UNITED ARAB EMIRATES — Countries at the U.N. COP28 summit on Thursday agreed on deal details for a disaster fund to help nations reeling from damages caused by the climate crisis.

This agreement, struck on the opening day of the conference in the United Arab Emirates, builds on a deal for a loss and damage fund brokered at COP27 in Egypt last year — widely seen as a historic breakthrough and potential turning point in the climate crisis.

Many key arrangements were left unresolved at the time, such as who should pay into the fund, how large should it be and who should administer the money.

The operationalization of the fund on Thursday prompted a standing ovation from delegates in the audience.

So far, the pledges to the fund include $100 million from Germany, $100 million from the United Arab Emirates, $17 million from the U.S. and $10 million from Japan. The U.K. has also pledged sums into the fund.

Payments are made into the fund on a voluntary basis, and all developing countries are eligible to directly access the resources. The World Bank will be the interim host to the fund for a period of four years — an issue that has previously fueled tensions between high-income and low-income countries.

In emailed comments, Friederike Roder, vice president of sustainable development advocacy group Global Citizen, described the announcement of a loss and damage fund as a “historic decision,” but added that “a fund is worthless without any dollars in it” and urged wealthy countries to step and announce significant pledges.

“The needs for loss and damage and other climate finance will continue to increase. This is why we also need, additionally, to tap into other financing sources, such as international taxes,” Roder said.

High-income…