A major focus of this year’s global climate summit, COP28 or the Conference of the Parties, is the Loss and Damage Fund which was established at last year’s conference.
The idea behind it is for developed nations to financially compensate developing countries dealing with the harmful — and very costly — impacts of climate change.
On the first day of this year’s conference, global leaders agreed to operationalize that fund with some countries pledging as much as $100 million right away. The U.S. plans to contribute $17.5 million if Congress gives the green light. Still, some say a lot more will be needed — hundreds of billions more.
Nfamara Dampha is a research scientist at the University of Minnesota’s Institute on the Environment and he’s taking part in the discussion at COP28 as a delegate for the Gambia. Last year, the small country was hit with its largest rainfall in more than thirty years, causing more than $125 million in damage.
As these climate events continue, Dampha says developed countries not only have a legal responsibility to help vulnerable countries but also a “moral and ethical responsibility”.
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