illuminem summarizes for you the essential news of the day. Read the full piece on CNN or enjoy below:

🗞️ Driving the news: A significant step has been taken towards establishing a fund to assist poorer states affected by climate disasters
• This development comes despite the reluctance of developing nations and the United States to move forward with the fund

🔭 The context: The "loss and damage" fund was seen as a major success for negotiators from developing countries at the UN climate talks in Egypt last year
• However, there has been a lack of consensus on key details such as funding sources and the fund's location

🌍 Why it matters for the planet: The establishment of this fund is crucial for providing financial aid to countries suffering from the adverse effects of climate change, which often lack the resources to recover from climate-induced disasters

⏭️ What's next: The UN committee responsible for implementing the fund has recommended the World Bank to serve as the trustee and host, albeit on an interim basis for four years
• This decision aims to get the fund operational by 2024, with further discussions expected at the upcoming COP28 summit in Dubai

💬 One quote: "It is a somber day for climate justice, as rich countries turn their backs on vulnerable communities," (Harjeet Singh from the Climate Action Network International)

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