DUBAI -- A new financing mechanism to support nations being harmed by climate change was agreed to here on Thursday at the opening day of the 28th United Nations Climate Change Conference, with an initial pledge of over $400 million from industrialized countries and the host, the United Arab Emirates.
The provision of funding for vulnerable nations, especially from wealthy countries that are responsible for a substantial portion of greenhouse gas emissions historically, has become a focal point in global efforts to tackle the climate crisis. Participants agreed to establish a funding mechanism for this at last year's COP27 conference and have spent the past year working out the operating details.
