The majority of nations present at the United Nations Climate Change Conference, also known as COP28, reached a consensus on Thursday to establish a fund designed to support developing nations in addressing the impacts of climate change.

The floor was opened for pledges to be made to the new “loss and damage” fund, in which Germany committed to contribute $100 million. The United Arab Emirates, the host of COP28, also promised $100 million. The fund received additional pledges of $51 million from Britain, $17.5 million from the United States and $10 million from Japan.

The European Union increased their contribution by $245.39 million, which also included Germany’s pledge of $100 million. Additional contributions are anticipated in the upcoming days, but it is unlikely that the fund will meet its target of $100 billion, as set by developing countries.

The creation of a fund was applauded by COP28 President Sultan Ahmed al-Jaber, who described it as a “promising sign of progress for the global community and our efforts in Dubai.”

“This marks the first time that a decision has been made on the first day of any COP, and the quickness with which we achieved this is unprecedented, remarkable, and momentous,” he stated. “This serves as proof that we are capable of delivering. COP28 has the potential and determination to deliver.”

Less affluent nations have been advocating for the establishment of a financial resource to address the impact of the climate emergency. This is because more prosperous countries are often the main contributors to the acceleration of climate change, while developing nations bear the brunt of its effects.

Simon Stiell, executive secretary of the U.N. Framework Convention on Climate Change, stated that the current update on loss and damage will kick off the U.N. climate conference. He urged all governments and their representatives to capitalize on this momentum and strive for ambitious results at the conference in Dubai.

Certain nations have raised concerns about the lasting viability of the fund, as there is uncertainty surrounding its future management and funding.

According to a recent study by the U.N. Environment Programme, developing countries will require $387 billion each year to effectively address the impacts of climate change.

The COP28 conference concludes on December 12th.

The data in this document was obtained from The Associated Press, Reuters, and Agence France Presse.