Nearly 200 nations agreed yesterday to launch a fund to support countries hit by global warming, in what is being labelled as a “historic” moment at the start of UN climate talks in the UAE.
The announcement came as the host nation declared that fossil fuels must be part of any climate deal negotiated over the next two weeks. The talks in Dubai come at a pivotal moment for the planet, with emissions still rising and the UN declaring that 2023 is on track to become the hottest year in human history.
The formal establishment of the “loss and damage” fund long sought by climate-vulnerable nations provides an early win at COP28, where sharp divisions over the phasing out of fossil fuels were immediately apparent.
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Leaders have been urged to move more quickly to a clean energy future and make deeper cuts to emissions, with the world off-track to keep global temperature rises below agreed levels.
A central focus of COP28 will be a stocktake of the world’s limited progress on curbing global warming, which requires an official response at these talks.
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