COP28 approves climate loss and damage fund – 11/30/2023 – Environment

COP28, the UN climate summit, achieved an early victory this Thursday (30), with delegates adopting a new fund to help poor countries deal with climate disasters.

COP28 President Sultan al-Jaber said the decision sent a “positive signal of momentum to the world and to our work here in Dubai”.

By establishing the loss and damage fund on the first day of the conference, which will take place in the UAE until December 12, delegates opened the door for governments to announce their contributions. The fund was created at last year’s COP27 conference in Egypt, but has not come into operation since then.

For now, several have already done so, kicking off a series of small commitments that countries hope will add up to a substantial sum: $100 million from the COP28 host country UAE, plus $100 million from Germany, at least US$51 million from the United Kingdom, US$17.5 million from the United States and US$10 million from Japan.

Gaining resources for the loss and damage fund, which poorer nations have been demanding for years, could help facilitate other commitments to be made during the summit over the next two weeks.

The step on this first day of the event also represents a strengthening of the image of the COP28 presidency following accusations of conflict of interest. At the beginning of the week, leaked documents revealed plans by the United Arab Emirates to use conversations with 15 nations — including Brazil — within the scope of the summit to close oil-related deals.

Jaber denies having made use of these recommendations described in documents.

Some groups are, however, cautious when evaluating the implementation of the loss and damage fund. They note that there are unresolved issues, including how the fund would be funded in the future.

“The absence of a defined replenishment cycle raises serious questions about the long-term sustainability of the fund,” said Harjeet Singh, head of global policy strategy at Climate Action Network International.

“The onus now falls on rich nations to meet their financial obligations commensurate with their role in the climate crisis.”