A “loss and damage” fund has been created to provide financial assistance to developing countries to help them bear the immediate costs of climate-fueled events such as storms and floods. However, it is yet undecided who will pay, and how much – that will be left for COP28.
After 30 years of conferences on climate change, last year at Glasgow COP 26, a commitment to phase down coal was agreed upon. At this year’s conference, some were hopeful that there would be an agreement on phasing out all fossil fuels, but it didn’t happen. Because of this, some say that we have “treated some of the symptoms but not cured the patient from its fever”.
RNZ have more on the story here.
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