News18 at COP28 | Summit Starts With Draft Text Proposing World Bank as Loss & Damage Fund Host

The United Nation's COP28 climate conference formally launched on Thursday a "loss and damage" fund long sought by vulnerable nations devastated by natural disasters linked to global warming.

"We have delivered history today," the UAE's COP28 president Sultan Al Jaber told delegates, adding that his country was committing $100 million to the fund.

Germany also pledged $100 million.

Its launch on the first day of COP28 in Dubai follows fraught negotiations on the mechanics of the fund, which will be housed at the World Bank on an interim basis.