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Landmark agreement on loss and damage fund reached on first day of COP28

Over 195 countries, including India, agreed to operationalize the ‘loss and damage’ fund on the first day of the UN climate conference (COP28). The fund, located within the World Bank, will support developing countries impacted by climate change. Contributions to the fund will be voluntary. The fund aims to have at least $100 billion per year by 2030. The UAE made the first move by contributing $100 million, and other countries announced their respective contributions, including Germany, the UK, Japan, and the US.

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