Most of the developing countries have not contributed to climate change, but they run the risk of climate disasters. So developed countries, who have contributed to climate failures that we are all in since 1850s, should create a “loss and damage” fund so that it benefits the developing nations in climate disasters around the world. The flooding in Pakistan in 2022 is an example.

At the beginning of COP28, President Dr Al Jaber’s allocation of $100m is a silver lining as the “loss and damage” fund was launched and the sums were poured in, especially by Germany ($100m) and the UK ($76m).

The Loss and Damage Fund is $720m right now and developing. The long wait, i.e., 30 years of funding for the loss and damage by developing nations was over. We all should be thankful to the UAE as well as President Dr Al Jaber for that.

Is it enough?

Developing countries could possibly pay trillions of dollars that experts say they will need to cope with global warming. So, millions of US dollars are not enough. It should be billions of US dollars.

Global warming could cost poor countries trillions. They’ve urged the COP28 climate summit to help https://apnews.com/article/climate-finance-cop28-dubai-un-mottley-dac0869334f8a20de7f4ef8b6e678fa4

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COP28 UAE https://www.cop28.com/

UN Climate Change Conference – United Arab Emirates https://unfccc.int/cop28