The COP28 summit launched the Loss and Damage Fund on day one of the climate conference, with the UAE pledging $100 million to help developing countries and vulnerable nations affected by natural disasters and extreme weather conditions brought on by climate change. 

“We’ve delivered history today. The first time a decision has been adopted on day 1 of any COP. And the speed in which we have done so is also historic,” said COP President Sultan Al Jaber. 

“This is evidence that we can deliver. COP28 can deliver. And colleagues, this now sets a clear ambition for us to deliver a comprehensive GST decision over the next 12 days,” he added.

Germany has also pledged $100 million, with the announcement drawing a standing ovation from delegates.

However, climate experts have highlighted the need for country contributions to be scaled up, asking for billions of dollars from governments as the need of developing countries reaches critical levels.

(Reporting by Bindu Rai, Editing by Seban Scaria)