On 1st day, UN climate conference sets up fund for countries hit by disasters like flood and drought

The world just took a big step toward compensating countries hit by deadly floods, heat and droughts.

Nearly all nations on Thursday finalized the creation of a fund to help compensate countries struggling to cope with loss and damage caused by climate change, seen as a major first-day breakthrough at this year’s U.N. climate conference. Some countries started putting in money right away — if little compared to the overall anticipated needs.

Sultan al-Jaber, the president of the COP28 climate conference in Dubai, hailed “the first decision to be adopted on Day One of any COP” — and said his country, the United Arab Emirates, would chip in $100 million. Other countries stepped up with big-ticket commitments, including Germany, also at $100 million.