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Homechevron_rightWorldchevron_rightCOP28 agrees to...

COP28 agrees to historic “loss and damage” fund

COP28 agrees to historic “loss and damage” fund

Reuters' photo.

Dubai: The COP28 talks opened in Dubai had nearly 200 attending nations agreeing to launch a fund to support countries hit by global warming. The development in the UN’s climate has been dubbed “historic”, reports Agence France-Presse.

The host UAE announced that any climate deal negotiated in the event for the next two weeks must include fossil fuels.

The current COP28’s relevance increases as emissions rise across the planet, and the UN declared on Thursday that 2023 is about to become the hottest year in human history.

At the opening conference, the delegates paused for a minute’s silence for civilians killed in the Palestine conflict.

The nations coming to an agreement for the “loss and damage” fund turns out to be an early win at CO28. This is because there are sharp divisions among them over phasing out of fossil fuels. COP28 president Sultan Al Jaber said that they had delivered history that day.

The event, which urges leaders to move more quickly to clean energy and make deeper cuts to emissions COP28, will be stocktaking the globe’s limited progress on curbing global warming. The crisis of global warming needed an official response in these talks.

The COP28 would be double the size of COP27 and expected to be the largest ever in terms of attendees. This time, 97,000 people, including Britain’s King Charles III and around 180 heads of state and government, were expected to attend.

AFP writes that the United Arab Emirates sees itself as a bridge between developed nations and the rest of the world.

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