On Thursday, the COP28 United Nations Climate Change Conference began its activities with a strong call for stepping up international cooperation in the fight against climate change as nations work quickly to reach an agreement on a new fund to compensate for damages brought on by climate change.

Governments are gearing up for intense negotiations on whether to eventually agree to phase out the world’s use of coal, oil, and gas that emit CO2 emissions as the anticipated delegates arrive in Dubai.

Given the importance of financial matters on the meeting’s agenda, the United Arab Emirates, in its capacity as COP28 president, proposed that countries adopt a new U.N. climate damage fund. This has given some delegates hope that the agreement could be one of the first to be reached in Dubai.

The proposed draft agreement negotiated over several months by various representatives suggests creating a fund to assist nations at risk of climate-related disasters, such as floods, droughts, and sea level rise.

Rich nations would be able to donate through the fund, and European diplomats who spoke with Reuters said that nations like Germany, Denmark, and the Netherlands are expected to announce their contributions at the start of the COP.

The European Union has pledged to provide a “significant” amount of funding, but it also exhorts nations that have recently seen economic expansion—like China and the United Arab Emirates—to follow suit.

On his part, Adnan Amin, the COP28 summit’s chief executive, reportedly told Reuters that the event’s objective was to raise several hundred million dollars for a fund that would address climate damage. In addition, he expressed his hope that the UAE would contribute to the cause.