Read this in The Manila Times digital edition.
THE 28th Conference of the Parties (COP28) of the United Nations Framework Agreement on Climate Change began on a positive note with the approval of the establishment of a fund to provide vulnerable developing countries immediate compensation for damages and losses caused by climate change disasters.
The jubilation of the Philippines and other countries that have been in the forefront of the advocacy for such a fund must have been tempered down by the paucity of countries that pledged contributions to the fund, and the wide gap between the total amount pledged and the projected amount needed by vulnerable countries. With just a few days remaining of the COP28, only these countries have made pledges: the United States ($175 million), Germany ($100 million), the United Arab Emirates (UAE) ($100 million), the United Kingdom ($50.5 million) and Japan ($10 million). The total of $425.5 million is obviously a long way from the needed $100 billion.
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