COP28 formally approves climate disaster fund arrangements

The fund is to help vulnerable nations cope with the cost of climate-driven damage from drought, floods, and rising seas.

FILE PHOTO: 'COP28 UAE' logo is displayed on the screen during the opening ceremony of Abu Dhabi Sustainability Week under the theme of 'United on Climate Action Toward COP28', in Abu Dhabi, UAE, January 16, 2023. REUTERS/Rula Rouhana/File Photo

Credit: REUTERS/RULA ROUHANA

Dubai: Countries at the U.N. COP28 climate summit on Thursday formally approved a deal on a new climate disaster fund.

The deal was adopted following the COP28 opening ceremony, drawing a standing ovation from delegates.

Representatives from developed and developing countries painstakingly crafted the agreement during negotiations this year. It will launch a fund to help vulnerable nations cope with the cost of climate-driven damage from drought, floods and rising seas.