COP28 Presidency Achieves Historic Agreement on Loss and Damage Fund

The 28th Conference of Parties (COP28) has achieved a momentous breakthrough as COP28 President Dr. Sultan Al Jaber announced the operationalization of the Loss and Damage Fund, a historic agreement designed to assist developing countries disproportionately affected by the adverse impacts of climate change. The announcement marks a significant stride in international efforts to address the challenges of ‘loss and damage’ faced by the most vulnerable nations. Operationalizing the Fund The Fund, conceived during COP27 in Sharm El Sheikh, Egypt, becomes operational following an agreement reached during five transitional committee meetings. Recognizing the urgency of the matter, the COP28 Presidency