What's the plan for a UN climate loss and damage fund?

(Context, 7 Nov 2023) At the COP28 summit next month, governments need to adopt rules for the new fund, which is set to be hosted by the World Bank.

As communities in countries rich and poor face soaring costs from extreme weather and rising seas, governments are due to launch a new U.N. fund to tackle "loss and damage" driven by global warming at this December's COP28 summit in Dubai.

The issue was hotly debated at successive U.N. climate conferences, as wealthy nations rejected demands to pay compensation for the impacts of their high historical share of the planet-heating emissions that are turbo-charging heatwaves, floods, droughts and storms around the world.

However, at the COP27 climate summit in Egypt last November, a group of 134 African, Asian and Latin American states and small island nations finally won agreement on a new fund that will pay to repair devastated property, relocate threatened communities or preserve cultural heritage before it vanishes.

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Context, 7 Nov 2023: What's the plan for a UN climate loss and damage fund?