What's all this money about?published at 13:03 Greenwich Mean Time 30 November 2023
Matt McGrath
Environment correspondent, at COP28
As we've just been reporting, countries at the summit have just agreed that a fund to help countries hit by climate-related events can start handing out money.
While funding has already been provided to help countries adapt to rising temperatures, and to help them curb their emissions, no help has been forthcoming to help with the destruction caused by storms and droughts.
That’s changed significantly today.
For years, richer countries fought tooth and nail against the idea of a fund for "loss and damage" as it's called, wary of paying “compensation” for historic carbon emissions.
Last year at COP27 in Egypt, the moral force of the argument won the day and countries agreed to set up a fund.
Here in Dubai, the fund is getting going and several countries are pledging to contribute to the pot of money. This augurs very well for the prospects for this COP.