HomeEuropeCOP28 delivers breakthrough by way of climate disaster fund details

COP28 delivers breakthrough by way of climate disaster fund details

A man wearing a thawb walks past flags of nations participating in the UNFCCC COP28 Climate Conference the day before its official opening on November 29, 2023 in Dubai, United Arab Emirates.

Sean Gallup | Getty Images News | Getty Images

Dubai, UNITED ARAB EMIRATES — Countries at the U.N. COP28 summit on Thursday agreed 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.

Wealthy countries, which account for the bulk of historical greenhouse gas emissions, have long opposed the creation of a so-called “loss and damage” fund to compensate low-income nations.

Advocates argue that the fund is required to account for climate impacts — including hurricanes, floods and wildfires or slow-onset impacts such as rising sea levels — that countries cannot defend against, either because the risks are unavoidable, or because they lack the financial resources to do so.

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