COP28 participants raised nearly $800m to help developing countries

The newly minted fund to address loss and damages from climate change has raised almost $800m during the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28), TASS reports

“We have already succeeded and approved the creation of a fund [to address] losses and damages. In fact, we went further than expected, raising almost $800m for the fund and developing mechanisms for its financing,” said COP28 Director General Majid Al Suwaidi.

He also added that during the conference, governments, representatives of big business and philanthropic organisations promised to allocate over $83bn to implement various climate initiatives. Moreover, COP28 participants have agreed on 11 declarations covering a range of areas, including renewable energy, climate finance, agriculture and healthcare. More than 130 countries have signed the declaration of tripling the world’s renewable energy capacity by 2030.