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COP28 adopts new climate fund

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The Caspian Times is a platform that showcases stories and perspectives from across Eurasia. We aim to inform, inspire and empower our readers with high-quality journalism that covers the diverse and dynamic region.

The UN climate summit in Dubai ended on a positive note on Friday, as delegates agreed to establish a new fund to help poor and vulnerable countries cope with the impacts of climate change.

The fund, which will be part of the existing Warsaw International Mechanism for Loss and Damage, will provide financial support for projects that address the physical and non-economic losses caused by extreme weather events and slow-onset changes, such as sea level rise, drought, and biodiversity loss.

The decision was hailed as a breakthrough by developing nations, who have long demanded more assistance from rich countries to deal with the mounting costs of climate disasters. The fund will also complement the existing Green Climate Fund, which focuses on mitigation and adaptation efforts.

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