The 2023 UN Climate Change Conference will convene from 30 November to 12 December 2023 in Dubai, United Arab Emirates (UAE). On the opening day of COP28 in Dubai , 196 parties adopted the decision to operationalise the Loss and Damage fund, approving the draft text adopted by the transitional committee in Abu Dhabi earlier this month — a move widely seen as a win for developing countries. 

• The initial corpus of the fund will be over $400 million, well short of the $400 billion estimates suggest will be needed every year, causing some experts to question the long-term sustainability and viability of the fund. 
• The UAE, the COP28 presidency, pledged $100 million to the fund, Germany, $100 million, the UK £40 million to the fund and £25 million for other funding arrangements for loss and damage, the US $17.5 million, Japan, $10 million, and the EU, €225 million. The money is expected to help poor and developing countries deal with the impact of the climate crisis.
• The World Bank will be interim trustee of the fund which will be conferred with legal personality and capacity as necessary for discharging its roles and functions; in particular, it will have the legal capacity to negotiate, and conclude and enter into a hosting a