COP28 Creates Fund for Developing Nations Impacted by Natural Disasters
Summary from the AllSides News Team
On the opening day of the United Nations COP28 climate conference in Dubai, nearly all nations agreed to create a fund to help compensate developing countries for "loss and damage" caused by natural disasters.
Details: The United Arab Emirates and Germany both announced contributions of $100 million. John Kerry, the United States climate envoy, said the Biden Administration is working with Congress to secure $17.5 million to contribute to the fund. The fund reportedly reached $420 million in the first hour.
For Context: The fund was discussed at last year’s UN climate conference but was not finalized. The Associated Press (Lean Left bias) cited a UN report determining that developing countries need $387 billion annually to adapt to the changing climate.
Key Quote: Kerry stated, “the scale of the challenge is simply too large for any government to be able to finance alone.”
How the Media Covered It: Coverage from The Associated Press and The Messenger (Center bias) framed the announcement as a positive development but described the initial contributions to the fund as insufficient. The AP reported the funds were little “compared to the overall anticipated needs,” and The Messenger stated the announcement was a “positive sign.” Reporting from The Daily Caller (Right bias) started coverage with a quote deeming the fund to be a “global shakedown” and noted uncertainty regarding where the U.S. would get the money from, stating it was unknown if “taxpayer dollars will be used.”
Featured Coverage of this Story
From the LeftOn 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...
From the CenterGlobal Climate Talks Begin With Surprise Breakthrough on Damage Reparations
In an auspicious start for the two-week climate summit known as COP28, delegates agreed on the details of a fund to compensate developing countries for damages caused by warming temperatures.
The loss and damage fund, which was first created at last year's COP27 summit in Sharm El-Sheikh, Egypt, has now been "operationalized," and some countries have already agreed to start paying into it. A draft agreement was circulated earlier in November, though some controversy surrounded its details, like the designation of the World Bank as the home for the fund....
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The Biden administration has pledged millions of dollars to a de facto international “climate reparations” fund at the United Nations (UN) climate summit in the United Arab Emirates (UAE).
The fund, referred to by its proponents as a “loss and damage fund,” is intended to have developed countries transfer money to the developing world as compensation for the impacts of climate change. The U.S. promised more than $17 million to the fund on Thursday, according to Axios.
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