The first cash promised for countries ravaged by climate change is starting with a historic decision

A Loss and Damage Fund to Compensate Climate Change: The United States, the UAE and the UAE in the COP28 Era

Countries calling for the fund, especially those highly vulnerable to climate change, are expecting it to eventually reach a target of at least $100 billion per year. The total amounts so far are not very large, according to the executive director of the International Institute for Environment and Development. Some of the least developed countries see the US commitment as “a slap in the face”, he adds.

The principle of a loss and damage fund – which is closer to compensation, rather than aid – was accepted by countries at the end of COP27 in Egypt last year. Scientists played a leading role, Weikmans says. The number of scientific publications on the issue has grown over the past few years. This growing body of research has meant that loss and damage has been more widely recognized in reports of the Intergovernmental Panel on Climate Change.

The key test now, Mitchell adds, is whether the fund can get the money to the places it is needed, fast. The agreement is a really important signal and the hard work starts with getting it to work and getting money to the frontlines of climate impacts, he says.

A fund that will provide essential finance to countries most impacted by climate change attracted more than $400 million in pledges after it was announced today at the start of the United Nations COP28 climate meeting in Dubai.

It is also a major achievement for the conference hosts, the United Arab Emirates (UAE), which has been criticized by climate campaigners in the run up to the COP – the conference president Sultan Ahmed Al-Jaber, chairs the Abu Dhabi National Oil Company as well as Masdar, a state-owned renewable energy company.

Richer countries are already behind on previous promises to provide financing for climate change. Some developing countries wish to raise money for the loss and damage fund through a tax of oil sales or methane production, which is considered to be a potent greenhouse gas. Those questions will be raised as the loss and damage fund is officially set up over the next year.

John Kerry said at the talks that it would be drawn from a wide variety of sources. “The scale of the challenge is simply too large for any government to be able to finance alone.”

The United States made a total of $17.5 million. The Biden Administration generally faces opposition from Republicans in Congress over international climate spending.

The initial contributions will mainly get the fund up and running. Germany and the United Arab countries have each announced 100 million dollars. The United Kingdom and Japan have significant amounts of money to announce. The European Union is expected to give over 200 million euros.

The impact of climate change on the island of Antigua and Barbuda: Millions for damages from climate change. So how would that work?

The industrialization of rich countries caused the climate problem, says a special climate envoy. It is, in fact, their way of getting rich. They have to show some responsibility in helping to finance the reconstruction and rehabilitation costs of climate impacts.

“We are looking at 2 or 300 percent of our national GDP just to get ready,” she says. “Our way of life and our ability to live here, our ability to even have an economy is threatened.”

On top of that, rising sea levels are threatening coastal development, which means residents will need to be relocated. That also threatens their fresh water supply, as saltwater creeps inland. Dealing with and preparing for the impacts of climate change will cost hundreds of millions of dollars, Black-Layne says.

She says the cost of rebuilding has been difficult. And rebuilding does not take into account preparing the country for the next storm. Most of the island’s homes and buildings are built to endure category 2 hurricanes. Adding features like wind-resistant roofs increases the cost ofUpgrading them to withstand stronger storms.

“You just have to replace everything,” says Diann Black-Layne, climate change ambassador for Antigua and Barbuda. There’s no place to go when the homes are damaged. And the whole island gets hit – the entire population is affected.”

As the climate warms, it’s extremely vulnerable to hurricanes that are becoming more destructive. The islands were ravaged by a major storm in the year 2017: Hurricane Irma. The storm’s size made it larger than the islands and caused widespread destruction.

Source: Countries promise millions for damages from climate change. So how would that work?

The Fund for the Aid of Developing Countries in Extreme Climate Change Adiabatic Conditions and Disassuring the Effects of Climate Change

“Pledges should be commensurate with the scale of the needs for loss and damage, which is already costing hundreds of billions of U.S. dollars a year,” said Angela Rivera, speaking for Colombia at the COP28 summit. “We need to scale up quickly to make up for 30 years of lost time.”

Before the fund can make a difference in the ground, there are many issues to be sorted out, including what countries will pay into it and which ones will receive funding.

The idea is to aid developing countries that are already dealing with devastating impacts, like hurricanes, droughts and floods. The initial funding is a very small part of the need. The report found that it would cost developing countries up to $387 billion to adapt to climate change.

The countries of the world came to an agreement to create a fund to aid developing countries which are hardest hit by the effects of climate change.