The entry into operation of the fund to finance “losses and damages” derived from climate change was adopted this Thursday with applause by some 200 countries, on the first day of the United Nations climate summit.
The decision on the fund, which provides for financing of 100 billion dollars per year, is considered historic and was materialized at COP28, which began this Thursday in Dubai, the main result of COP27, held in 2022 in Egypt, in the that an agreement will be signed in In essence, the principle was reached without the exact contours having been defined.
The operationalization of the fund was one of the main obstacles to new emissions reduction commitments by developing countries, which consider that rich countries have to compensate for the impact that these commitments will have on economic development.
Source: TSF
