The climate disaster fund was formed on the first day of the COP-28 conference
COP representatives formed the Climate Disaster Fund on the first day of the COP-28 conference. They see the creation of a climate disaster fund for poor countries as one of the most significant steps. This summit started on November 30, 2023, and will continue till December 12 instant.
Welcoming the decision to establish a climate disaster fund for climate-affected countries, COP-28 President Sultan Al-Jaber said, “This step by Dubai will be a positive signal to the world.” The representatives have opened the door for governments to donate to this fund.
How much each country will contribute to the climate disaster fund has not yet been specified. However, it is hoped that small donations will build up a large fund.
Several countries have already pledged donations. Among them, the host country of the COP-28 conference, the United Arab Emirates, has pledged to donate $1000 million, Germany $1000 million, Britain at least $510 million, the United States of America $175 million, and Japan $100 million.
But many have cautioned against the fund, saying many issues remain unresolved. Moreover, it is not clear how this fund will be financed in the future.
Harjit Singh, head of global political strategy at Climate Action Network International, said, “The climate crisis has been created by rich countries.” Therefore, it is also their responsibility to help them financially.