COP28 to Decide on Climate Compensation Fund for Developing Nations

Draft agreement reached, but concerns remain over scale and contributors to the fund.

Developing nations have long sought to address the problem of climate change, and finally broke through with an agreement at last year's annual United Nations climate talks, known as COP27, to create what's known as a loss and damage fund.
A draft agreement was finally reached earlier this month, just a few weeks before this year's COP28 talks open Nov. 30 in Dubai.
The draft agreement calls for the World Bank to temporarily host the fund for the next four years.
Developing nations were disappointed that the agreement didn't specify a scale for the fund, and wasn't more specific about who must contribute.
Wealthy nations sought to limit countries eligible for payments from the fund to the most vulnerable, like Afghanistan and Bangladesh in Asia, several African countries as well as island nations such as Kiribati, Samoa and Barbados.