Parties at the climate conference in Dubai, otherwise known as COP28, have agreed to operationalise loss and damage fund to assist developing countries
The fund, operationalised on Thursday, got over 450 million dollars in pledges.
The News Agency of Nigeria (NAN) reports that developing countries, including Nigeria, are evidently the most vulnerable to the impacts of climate change.
Nigeria is entitled to loss and damage funds consequent to the perennial flooding and drought, which are attributed to the climate change impacts.
NAN reports that COP28’s decision marks an historic milestone for climate action, being the first time that a decision is adopted on Day 1.
NAN reports that the historic decision on Loss and Damage will enable the parties to focus on delivering the strongest possible response to the Global Stocktake, and ensure tangible progress toward the goals of the Paris Agreement.
It is expected that the parties will continue to build the momentum, which will enable the achievement of collective goals over the next 12 days.
In his reaction to the parties’ decision, COP28 President Dr Sultan Al Jaber, said the fund would support billions of people, lives and livelihoods that were particularly vulnerable to the effects of climate change.
“I want to thank my team for all their hard work to make this possible on day one of COP28.
“It proves, the world can unite, can act, and can deliver,” he said.
He said the decision delivered a welcome result for rebuilding trust and delivering for the particularly vulnerable.
According to Jaber, it is only the beginning of the climate action needed.
More than 70,000 delegates according to the UN Framework Convention on Climate Change are in Dubai to deliver a decisive direction on solutions to climate crisis
