Countries at the COP28 summit agreed on a deal for a disaster fund. This fund will help nations affected by damages caused by the climate crisis. High-income countries have historically opposed the creation of a loss and damage fund to compensate low-income nations. These countries account for the bulk of the historical greenhouse gas emissions. The deal is seen as a historic breakthrough and a turning point in the climate crisis.
The features of the climate disaster fund include:
- Payments are made into the fund on a voluntary basis
- All developing countries are eligible to access the resources
- The World Bank will be the interim host to the fund, and that will be for a period of four years
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