EU Commits Significant Funding to COP28 Climate Damage Fund

The European Union (EU) has announced that it will make a "substantial" financial contribution to a new international fund aimed at addressing the destruction caused by climate change. The fund, known as the climate "loss and damage" fund, is set to be launched during the upcoming United Nations COP28 climate summit in Dubai. The EU's contribution, the size of which has not been specified, is expected to help facilitate other deals at the summit, including efforts to phase out fossil fuels and increase renewable energy capacity. The United States has also indicated its intention to contribute to the fund.