COP28 establishes loss and damage fund and for the first time names fossil fuels in final text
Mar 24th 2026 · United Arab Emirates
At the UN climate summit in Dubai countries struck a deal to set up a loss and damage fund and inserted language about moving away from fossil fuels, while key financing and implementation details were left to future negotiations.
- Countries agreed to create a loss and damage fund to help vulnerable nations recover from climate impacts.
- For the first time COP final text explicitly referenced the need to transition away from fossil fuels in energy systems.
- Donor commitments provided initial finance but fell short of detailed rules on funding scale and governance.
- The global stocktake at COP28 concluded that deeper emissions cuts and faster deployment of clean energy are needed to meet Paris goals.