<h5>What is the COP28 summit?</h5><p>The United Nations (UN) hosts climate conferences every year to encourage governments to take steps to minimise rising global temperatures. They are referred to as the Conference of the Parties (COPs). The countries that signed the initial UN climate agreement in 1992 are known as the parties.</p><p>The United Nations Framework Convention on Climate Change’s (UNFCCC) main decision-making body, the COP, also monitors progress in combating climate change. This year’s summit is being held in Dubai, the United Arab Emirates, from 30th November 2023 to 12th December 2023.</p><p>This year, a new fund has been launched at the summit.</p><h5>What fund has been launched at the summit?</h5><figure class="image"><img src="https://firebasestorage.googleapis.com/v0/b/newsahoot.appspot.com/o/new-fund-launched-at-cop-28-summit%2FCOP28%202.jpg?alt=media&amp;token=ea8b5977-4506-4703-aaca-67fcc427e07f"><figcaption>Photo taken during the Loss and Damage Fund announcement. Photo by COP28 UAE.</figcaption></figure><p>Countries at COP28 have agreed to launch a new fund (called the Loss and Damage Fund) to pay for climate-driven storms and drought damages. COP28 president Sultan Ahmed al-Jaber introduced this new fund on the summit's first day.</p><p>The European Union (EU), the United Kingdom (UK), the United States (US), and others immediately offered contributions totalling over $400 million for poor countries suffering from the effects of climate change. The Loss and Damage Fund was first proposed around three decades ago.</p><p>Richer countries were against the idea at that time, as they thought they would have to pay lots of compensation for their high carbon emissions. The countries agreed to establish a fund at the <a target="_blank" rel="noopener noreferrer" href="https://www.newsahoot.com/articles/india-presents-a-plan-to-help-save-the-environment-at-cop27">COP27</a> meeting in Egypt last year. Finally, the fund has been announced this year.</p><h5>What will the fund be used for?</h5><p>Loss and damage refer to the effects of climate-related weather occurrences in various countries. This fund will be used to help with the damage caused by storms and droughts. Several countries and their citizens can be supported with this fund.</p><p>This fund will help the people of the affected countries restore their homes after an environmental tragedy strikes. Farmers can be supported when their crops are destroyed. It will also be used to help those people who are moving out of their homes permanently due to rising sea levels.</p><p>The World Bank will be managing the fund temporarily for four years. All developing countries can apply for the fund. Also, all countries have been invited to contribute to it.</p>

COP28 president Sultan al-Jaber announced the fund.

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