Wetin be Climate Change loss and damage fund wey dem launch for COP28?

World leaders currently dey one big UN summit for Dubai for tok-tok on how to tackle climate change.

Di tok-tok dey follow one year of ogbonge weather events wia many climate records don dey broken.

Di event na COP, e mean "Conference of di Parties", di "parties" be di kontries wey sign up to di original UN climate agreement for 1992.

For COP28, di 28th annual United Nations (UN) climate meeting, goments dey discuss how to limit and prepare for future climate change.

Di summit dey happun for Dubai, for di United Arab Emirates (UAE), from 30 November until 12 December 2023.

One of di ogbonge tins wey top dis year tok-tok for di summit na Loss and Damage Fund.

For one surprise wey light up COP28, delegates don agree to launch one fund wey dem don dey wait for to pay for damage from climate-driven storms and drought.

Deals like dat dey normally enter last minute before dem dey fit dey seal am afta days of negotiations.

But COP28 President Sultan al-Jaber bin shake up di meeting as e bring up di decision to di floor on day one.

Di EU, UK, US and odas immediately announce dia contributions wey total around $400m for poor kontries wey climate change don affect.

Wetin be di loss and damage fund and wetin e cover?

Loss and damage mean di effect wey many kontries suffer from weather events wey link to climate change palava and dem no fit avoid.

Dis na like cases of rising sea levels, prolong heatwaves, desertification, acidification of sea and extreme events, like bushfire, species death and crop failures.

Di loss and damage fund na global financial package to make sure rescue and rehabilitation dey for kontries wey dey face di effects of climate change.

While fund don dey provided to help kontries adapt to rising temperatures, and to helep dia efforts to get hold of emissions, no moni dey come to help wit di destruction wey storms and droughts don cause.

Di idea to begin find moni for dis losses first dey introduced for di 1990s.

For plenti years, richer kontries bin fight hard against di idea of dat kind fund, dem dey careful say dem go need pay "compensation" for historic carbon emissions.

Last year for COP27 for Egypt, di moral force of di argument bin win di day and kontries agree to set up one fund.

Wetin dey decided for COP28?

On di opening day of di COP28 climate tok-tok for Dubai, loss and damage fund to help kontries wey dey for risks to cope wit impact of climate change bi di number one tin wey world leaders tok about.

For di past 12 months, kontries bin argue about di rules, wia di fund go dey located and who suppose pay in.

Dem reach one agreement wey never solid weeks before dis gathering for Dubai.

Reason be say any kind deal like dat go normally need dey accepted by all kontries for one plenary session, wia negotiators go look through di text wey mostly dey lead to major arguments.

Dis usually dey happun for di end of any COP afta days and nights of tok-tok.

"We don deliver history today," Oga Jaber bin tell delegates as dem pass di motion without fight.

Immediately, di UAE make pledge of $100m, Germany too .

Di US say dem go pay in $17m, providing say dem fit find agreement wit Congress. Dey bin want all countries to sabi say to pay in no mean say dem accept say di fund na about damages for historic emissions.

Na di World Bank go oversee di loss and damage fund for start.

Di source of funds na rich nations, like di US, di UK and di EU, and some developing kontries.

Although e neva dey clear wetin di scale or replenishment cycle of di fund go be, but di need of di hour na several trillion dollars , according to di tok-tok.

Meanwhile, for di moni wey kontries dey contribute to dey effective, di root cause of climate change need to dey tackled – and dat one involve make carbon emissions reduce.

Unless emissions reduce wella, plenti more kontries go face di serious effects of climate change.

Which kontries go benefit?

All developing kontries “particularly di ones wey dey face risk” of effects of climate change go dey eligible to benefit from di moni.

E dey important to sabi say more money go dey needed to helep vulnerable communities benefit from di system once di scheme begin run.

As dem design am, di funds suppose receive contributions “from plenti different sources”, including grants and cheap loans from different sectors.

Tok-tok among sabi pipo na say plenti work still dey front and, las-las, di success of di fund go depend on how much moni dey ground.

Di cost of loss and damage for developing kontries dey projected to reach $400 billion per year by 2030.