Nytimes
Friday Briefing: A New Climate Fund Approved
K.Wilson3 months ago
The climate summit approves a fund to aid poor countries On the first day of the U.N.’s COP28 talks, diplomats from nearly 200 countries approved a draft plan for a fund to help vulnerable countries hit by climate disasters, which are made worse by pollution spewed by wealthy nations. For more than three decades, developing nations have pressed for compensation from wealthier, more industrialized countries to help with the costs of destructive storms, heat waves and droughts fueled by global warming. The fund has been widely viewed as a positive sign for the two-week summit in Dubai, and is expected to be up and running this year. Among the nations contributing, the United Arab Emirates and Germany each pledged $100 million, while the U.K. pledged about $76 million and Japan said it would give $10 million. The E.U. climate commissioner said the union would contribute at least around $245 million. The U.S. promised $17.5 million, an amount that some activists criticized as too low for the world’s largest economy. While the initial pledges add up to about $549 million, climate-related damages are expected to cost developing countries between $280 billion and $580 billion per year by 2030.
Read the full article:https://www.nytimes.com/2023/11/30/briefing/cop28-climate-talks-kissinger-hamas-israel-war.html
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