Dubai: The United Nations' COP28 climate conference officially initiated a "loss and damage" fund on Thursday, a crucial development long sought by nations vulnerable to natural disasters linked to global warming. COP28 President Sultan Al Jaber of the UAE announced the historic launch, emphasizing his country's commitment by pledging $100 million to the fund. Germany also joined the initiative, offering an additional $100 million.

Wealthy nations, after years of hesitancy, endorsed the fund in a groundbreaking agreement during the COP27 summit in Sharm el-Sheikh last year. The fund's establishment on the first day of COP28 in Dubai follows intense negotiations on its operational framework, with the interim administration housed at the World Bank.

Sultan Al Jaber expressed satisfaction with the progress, stating, "We have delivered history today." He highlighted the unique speed with which the decision was adopted on the opening day of COP28, calling it "phenomenal and historic." The COP28 president emphasized that this development sends a positive signal to the world and underscores the conference's commitment to addressing climate challenges.

The "loss and damage" fund is designed to provide financial support to nations facing the severe impacts of climate change, especially those disproportionately affected by natural disasters. The timely launch of the fund at COP28 is seen as a significant step toward addressing the urgent needs of vulnerable countries.