Dubai, The COP28 climate summit, which kicked off in Dubai, has formally approved the establishment of a Loss and Damage Fund to address climate disasters. The fund’s creation was announced by the COP28 President, Sultan Ahmed Al Jaber, during his address at the summit.

According to Ministry of Information and Broadcasting, Al Jaber declared the COP28 Presidency’s dedication to achieving outcomes for climate-vulnerable communities and announced the United Arab Emirates’ commitment of 100 million dollars to the Loss and Damage Fund. Several countries, including Germany, the United Kingdom, the United States, and Japan, pledged significant contributions to the fund.

Caretaker Prime Minister Anwaar-ul-Haq Kakar, who is currently in Dubai, is scheduled to attend the summit on the following days. The conference, attended by about 180 heads of states and thousands of delegates from around the globe, will continue until December 12. The inauguration ceremony also marked the official handover of the COP presidency from COP27 president Sameh Shoukry to COP28 president Sultan Ahmed Al Jabber.