COP28 formally approves climate disaster fund arrangements
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COP28 formally approves climate disaster fund arrangements

COP28 formally approves climate disaster fund arrangements

Day 1 at COP28 saw the announcement of a fund to help vulnerable nations cope with the cost of climate-driven damage

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Countries at the UN COP28 climate summit on Thursday formally approved a deal on a new climate disaster fund.

The deal was adopted following the COP28 opening ceremony, drawing a standing ovation from delegates.

Representatives from developed and developing countries painstakingly crafted the agreement during negotiations this year.

It will launch a fund to help vulnerable nations cope with the cost of climate-driven damage from drought, floods and rising seas.

UAE to contribute $100m to fund after COP28 announcement

The UAE will contribute $100m to a new climate disaster fund, UAE foreign minister Sheikh Abdullah bin Zayed said on Thursday, leading a combined contribution along with other countries of just over $300m.

“We congratulate all parties on the historic adoption of this fund for climate impact response and announce the UAE commitment of $100m as our contribution,” he said after the announcement at Day 1 of the climate summit approved the fund’s arrangements, reported Reuters.

Other countries promising to contribute to the fund included Germany, with $100m; Britain with up to GBP60m ($75.89m); the US with $17.5m and Japan with $10m.

Also read: COP28: Watch live stream of opening ceremony

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