CNBC's Sam Meredith is reporting that countries at COP28 approve climate disaster fund deal details in early breakthrough.
At the COP28 summit, countries agreed to operationalize a climate disaster fund to support nations impacted by climate-related damages. This development, hailed as a breakthrough, follows up on the COP27 agreement for a loss and damage fund. The fund will receive voluntary contributions, with pledges from Germany, the UAE, the U.S., and Japan, among others. The World Bank will temporarily host the fund. High-income countries, historically resistant to such a fund, face pressure to make significant contributions, addressing unavoidable or financially burdensome climate impacts in lower-income nations.
Source: CNBC
https://www.cnbc.com/2023/11/30/cop28-delivers-breakthrough-by-way-of-climate-disaster-fund-details.html
(This article was written with assistance from ChatGPT)
