UAE launches climate disaster fund at COP28

The news: Day one of the COP28 summit saw UAE announce its plans to contribute USD100 million ($151.4 million) to a new fund aimed at assisting poor nations manage climate disasters.

The numbers: UAE’s contribution was matched by USD100 million from Germany, USD51 million from the UK, USD17 million from the US and USD10 million from Japan.

The context: Negotiators from over 190 countries have been involved in the lengthy deal dialogue which was announced at the outset of the summit. The fund will be the UN’s first that will pay for loss and damage wrought on communities and countries as a consequence of climate change effects like drought or rising sea levels. The Wall Street Journal reports that a draft of the agreement says the fund will be managed by the World Bank in Washington for its first four years and will have its own secretariat.

What was said: “We congratulate all parties on the historic adoption of this fund for climate impact response and announce the #UAE commitment of $100 million as our contribution. We call on all countries in a position to do so to contribute generously, as an important symbol of solidarity,” said Sheik Abdullah bin Zayed, foreign minister for UAE on social media platform, X.