Delegates at the UN climate summit reached an early victory by adopting a new fund aimed at helping poor nations cope with costly climate disasters, Reuters reports.
The establishment of this fund, known informally as the “loss and damage” fund, marks a positive step, allowing governments to announce contributions to support vulnerable nations affected by climate change.
Several countries made initial pledges, including the United Arab Emirates ($100 million), Britain ($51 million), the United States ($17.5 million), Japan ($10 million), and the European Union ($245.39 million, including $100 million from Germany).
This early breakthrough could set a positive tone for further compromises during the two-week summit, addressing unresolved issues such as long-term financing for the fund.
