At the beginning of the two -week UN, COP28 climate summit, a decision was made to create a fund to assist poor countries to overcome the effects of climatic catastrophes. By announcing this, the Secretary General of the UN, Anthony Guterres, stressed the importance of a new loss fund and harm as an important tool to ensure climate justice.
COP28 Chairman, Sultan Ahmed Al-Jaber, who is the executive director of the UAE oil company, said the Fund has already received support from different countries and has accumulated about $ 420 million. In particular, financial contributions were made by countries such as the UAE ($ 100 million), the United Kingdom ($ 51 million), the United States ($ 17.5 million), Japan ($ 10 million), Germany ($ 100 million), and other European Union countries ($ 145.39 million).
The decision to create a fund is a significant step in the UN climatic negotiations and resolves one of the longest disputes - the issue of compensation from industrialized countries that have made a major contribution to greenhouse gas emissions, poor countries that are least ready for climate change. The official approval of the project of the Fund is planned at the end of the summit, December 12.
