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Loss and damage fund approved at UN’s COP28 climate summit in Dubai

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(VOVWORLD) - Nearly all the world’s nations on Thursday finalized the creation of a fund to compensate countries struggling to cope with loss and damage caused by climate change. This was a major first-day breakthrough at this year’s UN climate conference.

Loss and damage fund approved at UN’s COP28 climate summit in Dubai - ảnh 1Sultan al-Jaber, the president of the COP28 climate conference, spoke at the opening ceremony in Dubai on November 30 (Photo: AFP/ VNA) 

Sultan Al-Jaber, the president of the COP28 climate conference in Dubai, hailed "the first decision to be adopted on day one of any COP”. He said the United Arab Emirates will chip in 100 million USD to the fund. Other countries stepped up with large commitments. Germany, pledged 100 million USD, the US 17 million, the UK 75 million, and Japan 10 million. The fund will be held by the World Bank for the next four years and the plan is to launch it by 2024.

The 28th United Nations climate change conference (COP28) opened on Thursday and will run until December 12, with more than 70,000 participants.

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