What is the COP28 summit?
The United Nations (UN) holds climate conferences every year to encourage countries to take steps to minimise rising global temperatures. These meetings are called the Conference of the Parties (COPs).
The COP also checks how well we're doing in the fight against climate change. This year’s summit is being held in Dubai, the United Arab Emirates, from 30th November 2023 to 12th December 2023. This year, a new fund has been launched at the summit.
What fund has been launched at the summit?
At COP28, countries created a new fund (called the Loss and Damage Fund) to help with damages from storms and droughts connected to climate change. Sultan Ahmed al-Jaber, the COP28 president, talked about this fund.
The European Union (EU), the United Kingdom (UK), the United States (US), and others quickly offered more than $400 million to help poorer countries affected by climate change. The idea for the Loss and Damage Fund was first suggested about thirty years ago.
At first, richer countries didn't like the idea because they were worried they'd have to pay a lot for the damage caused by their carbon emissions. But, during last year's COP27 meeting in Egypt, countries agreed to create this fund. Finally, this year, the fund has been officially announced.
What will the fund be used for?
Sometimes, bad things happen in different countries because of extreme weather caused by climate change. This fund will be used to help fix the damage from storms and droughts. Many countries and their citizens can be supported with this fund.
This fund will help people in storm-affected countries fix their homes after something bad happens. It can also help farmers when their crops get ruined. The fund will be used to assist people who have to leave their homes forever due to rising sea levels.
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.
