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- Loss and damage’ fund has been approved at the COP28 climate summit.
- The loss and damage fund was first announced during COP27 in Sharm el-Sheikh, Egypt. It was first suggested by Vanuatu in 1991.
- It is a loss and damage fund to help vulnerable countries fight against the impact of climate change.
- The initial funding is estimated to be $475 million. UAE pledged $100 million, and the European Union promised $275 million.
- $17.5 million will be contributed by the United States and $10 million from Japan.
- The fund will be administered by the World Bank.
- It is a global financial package to ensure the rescue and rehabilitation of countries facing the impact of climate change.
- As per the researchers, 55 impacted countries have suffered a $ 525 billion combined loss due to climate change.
- As per the IPCC, the losses and damages will increase in future as global warming continues to rise.
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