Watch: Moment historic climate damage fund decision was made on Day 1 of COP28 in Dubai

"Hearing no objections, it is so decided," said COP28 President, Dr Sultan Al Jaber, followed by the sound of the gavel hitting the table and applause erupting all around the room.

This was the historic moment when over $420 million was pledged for the 'loss and damage' fund, within an hour of the decision, demonstrating the collective political will to support those most vulnerable to climate change.

Thursday was the first time when a decision had been adopted on day 1 of any COP. "The speed in which we have done so is also unique, phenomenal and historic," said Jaber.

Watch the moment the pledge was made, as delegates and representatives from countries stood up clapping, cheering, and embracing each other in awe. Dr Sultan is also seen urging them to celebrate the moment, as he stands with a big smile on his face.

"This is evidence that we can deliver. COP28 can and will deliver," he said.

What is the 'loss and damage' fund?

According to the UN, the fund has been a long-standing demand of developing nations on the frontlines of climate change coping with the cost of the devastation caused by ever-increasing extreme weather events such as drought, floods, and rising seas.

The UAE and Germany were leading forces this COP, as they contributed $100 million each to the fund.

• “Pledges mean nothing. It’s time to take action”