On the first day of the Cop28 climate summit, a significant deal on a loss and damage fund has been officially approved. The fund, focused on aiding poor countries affected by extreme weather, will be established under the World Bank's auspices. Rich industrialized nations, emerging economies, and fossil fuel-producing countries will contribute to the fund. These include China, Gulf states, and the Cop28 host, the United Arab Emirates. "This is a hard-fought historic agreement. It shows recognition that loss and damage is not a distant risk but part of the lived reality of almost half the world’s populations", said Mia Mottley, Prime Minister of Barbados. The blueprint for this fund was met with a standing ovation from delegates. While some welcomed the agreement, others, like Christian Aid, emphasized the need for transparency and accessibility. The loss and damage text is expected to be formally adopted on Thursday, and some countries are anticipated to announce new cash pledges. Over 160 heads of state are expected to attend the Cop28 summit. Discussions on critical issues, including preventing global heating and staying within the 1.5°C limit, will take place.