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🗞️ Driving the news: The UN climate conference COP28 in Dubai has gained momentum with the announcement of the operationalization of a 'loss and damage' fund, a key demand of developing nations. UN Secretary-General António Guterres and COP28 President Sultan al-Jaber have welcomed this development
• Several countries, including the UAE and Germany, have pledged substantial contributions to the fund

🔭 The context: The fund aims to support vulnerable nations facing the impacts of climate change, such as extreme weather events
• This follows years of negotiations, emphasizing the increasing costs of climate-related devastation in developing countries

🌍 Why it matters for the planet: The establishment of this fund is crucial for climate justice, aiding nations that contribute least to greenhouse gas emissions but face severe climate-related destruction
• It's seen as a vital step in addressing global climate inequities

⏭️ What's next: Attention now turns to how this fund will be operationalized and managed
• Discussions at COP28 will likely focus on the fund's governance, the criteria for allocating resources, and how it will integrate with broader climate financing mechanisms

💬 One quote: "We are taking baby steps and stepping far too slowly to work out the best responses to the complex climate impacts we are faced with" (Simon Stiell, UNFCCC Executive Secretary)

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