COP28: UK and US Support Loss and Damage Fund

The UK plans to support a new Loss and Damage Fund at COP28, joining the US and EU, with a contribution from International Climate Finance. The US and EU have also pledged substantial contributions. The EU is preparing to deliver an infusion into the fund, and the US is criticized for inadequate contributions. ODI estimates that only seven countries paid their 'fair share' in 2020, with the US lagging behind. The debate on climate finance contributions is heating up, with pressure on China to contribute. The UN climate financing arrangement is based on historical responsibility, and some countries are exploring alternative funding sources.