$700m pledged to loss and damage fund at Cop28 covers less than 0.2% needed

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Money offered so far falls far short of estimated $400bn in losses developing countries face each year

Wealthy countries most responsible for the climate emergency have so far pledged a combined total of just over $700m (£556m) to the loss and damage fund – the equivalent of less than 0.2% of the irreversible economic and non-economic losses developing countries are facing from global heating every year.

In a historic move, the loss and damage fund was agreed at the opening plenary of the first day the Cop28 summit in Dubai – a hard-won victory by developing countries that they hoped would signal a commitment by the developed, polluting nations to finally provide financial support for some of the destruction already under way.

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