This website is no longer being maintained. Please visit instead: www.verity.news

Subscribe to Our Newsletter

Success! Now Check Your Email

To complete Subscribe, click the confirmation link in your inbox. If it doesn't arrive within 3 minutes, check your spam folder.

Ok, Thanks

COP28: 'Loss and Damage' Fund Approved

Nearly 200 countries on Thursday approved the 'loss and damage' fund on the first day of the UN's two-week annual climate summit — known as COP28 — in Dubai....

Improve the News Foundation profile image
by Improve the News Foundation
COP28: 'Loss and Damage' Fund Approved
Image credit: Sean Gallup/Getty Images News [via Getty Images]

Facts

  • Nearly 200 countries on Thursday approved the 'loss and damage' fund on the first day of the UN's two-week annual climate summit — known as COP28 — in Dubai.1
  • More than $400M was immediately committed to the fund, with the EU, the UK, the US, and host UAE pledging $245.39M, $51M, $17.5M, and $100M, respectively.2
  • The climate disaster fund is reportedly being set up to help vulnerable nations cope with the impacts of climate change, such as drought, floods, wildfires, and storms.3
  • The long-sought fund will initially be held at the World Bank, despite objections from several developing nations as they reportedly find that wealthy countries have a dominating effect on the organization.4
  • While dozens of heads of state are attending the largest-ever climate gathering, US Pres. Joe Biden and his Chinese counterpart Xi Jinping — leaders of the world's two biggest polluters — have skipped the event.5
  • COP28 comes as the UN declared that 2023 is on track to become the hottest year on record, warning that the world would face between 2.5°C and 2.9°C of warming above the pre-industrial era by 2100.6

Sources: 1The New York Times, 2Reuters, 3BBC News, 4Washington Post, 5Al Jazeera and 6The Economic Times.

Narratives

  • Narrative A, as provided by Nature. The loss and damage fund is a significant milestone in combating the climate crisis. It shows that the entire international community is ready to act with ambition on a global threat. Even though industrialized nations aren't obliged to compensate developing countries least prepared to deal with climate-linked weather disasters, they have come together to ensure everyone is equipped with adequate funds and technology to help with what's coming.
  • Narrative B, as provided by VOA. It's too early to celebrate the fund's approval as certain issues still need to be solved, including how the fund will be financed in the future. Moreover, the fund's long-term sustainability and COP28's climate mitigation plans remain questionable if fossil fuel companies are not part of the solution to climate challenges or world leaders refrain from completely phasing out fossil fuels. Lastly, the fund recognizes the world has failed to prevent climate change from happening.

Predictions

Improve the News Foundation profile image
by Improve the News Foundation

Get our free daily newsletter

Success! Now Check Your Email

To complete Subscribe, click the confirmation link in your inbox. If it doesn’t arrive within 3 minutes, check your spam folder.

Ok, Thanks

Read More