Will COP28 deliver a new fund for climate loss and damage?
(Context, 25 Oct 2023) Questions about where funding will come from and how it will be disbursed are set to be addressed by December's COP28 conference.
As communities in countries rich and poor face soaring costs from extreme weather and rising seas, governments are grappling with how to set up a new fund to tackle "loss and damage" driven by global warming.
The issue has been hotly debated at successive at U.N. climate talks, as wealthy nations rejected demands for "compensation" for the impacts of their high share of the planet-heating emissions that are turbo-charging 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.
But the details of where the money will come from and how it will be disbursed were left to be worked out by this December's COP28 U.N. climate conference in Dubai.