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Nearly all the world’s nations finalized the creation of a fund to help compensate countries struggling to cope with loss and damage caused by climate change.

The launch on Thursday of the UN COP28 Climate Summit’s loss and damage fund is seen as a breakthrough in climate change financing. Several nations started putting in money right away.

The United Arab Emirates, which is hosting this year’s COP28, and Germany each committed to donating 100 million U.S. dollars.

“We’ve delivered history today. The first time a decision has been adopted on day 1 of any COP. And the speed in which we have done so is also historic,” COP28 President, Dr Sultan Al Jaber said. “Getting this done demonstrates the hard work of so many, particularly members of the transitional committee who worked tirelessly to get us to this point.”

The fund will help vulnerable countries cope with the cost of climate change-driven damage. The funds would offer compensation for damages from floods, drought, and rising sea levels.

A recent report by the United Nations estimates that up to 387 billion U.S. dollars will be needed annually if developing countries are to adapt to climate-driven changes.