Countries reach agreement on climate fund

Countries have agreed a breakthrough deal to fund reconstruction following the worst impacts of climate change, but it’s come in a shape that is likely to cause further tension. The climate “loss and damage” fund was agreed at talks in Abu Dhabi that ended on Saturday. It will be temporarily hosted by the World Bank, a concession by developing countries that are concerned the Washington DC-based lender is slow-moving and hasn’t focused enough on climate finance. The US, the biggest carbon polluter in history, has also sought a proviso that contributions to the fund will be voluntary, but this did not make the final text. The agreement has to be formally adopted at the UN climate talks, Cop28, in Dubai later this month.