Loss and Damage Fund is Launched at COP28 to Help Developing Countries Battle Climate Change
"The hard work of many people over many years, has been delivered in Dubai," Al Jaber was quoted as saying in the statement. "The speed at which the world came together, to get this fund operationalized within one year since Parties agreed to it in Sharm El Sheikh is unprecedented."
"This fund needs to be $100 billion-a-year fund, and we won't get there overnight. That's a lot of money. That's more than half of all of the aid budgets in the entire world," said Persaud, as per the reports.
The fund was first agreed upon during COP27, held in Sharm El Sheikh, Egypt, but it was never finalized.