Dubai, December 1, 2023 – The United Nations’ COP28 climate conference marked a significant milestone on its first day with the formal launch of the much-anticipated “loss and damage” fund.
This initiative, long sought by vulnerable nations affected by natural disasters linked to global warming, received pledges from influential countries, setting the stage for a united front against climate-related challenges.
COP28 President Sultan Al Jaber, hailing the moment as historic, declared, “We have delivered history today.”
The United Arab Emirates (UAE), hosting COP28, demonstrated its commitment by contributing $100 million to the fund, with Germany also pledging an equal amount.
The fund gained crucial support during the COP27 summit in Sharm el-Sheikh last year when wealthy nations, after years of deliberation, reached a landmark agreement to back the initiative.
The fund’s mechanics, a subject of intensive negotiations, were finalized, and it will be temporarily housed at the World Bank. President Al Jaber expressed satisfaction with the speedy decision-making process, emphasizing that COP28’s ability to act swiftly on day one demonstrated unprecedented momentum and determination. He noted, “COP28 can and will deliver.”
With more than 97,000 attendees, including world leaders, Britain’s King Charles III, activists, and lobbyists, COP28 is hailed as the largest-ever climate gathering.
Despite its size, the conference faced criticism for its host country’s association with the fossil fuel industry. President Al Jaber, who also heads UAE state oil giant ADNOC, refuted allegations of pursuing new fossil fuel deals under the COP presidency.
Former UN climate chief Christiana Figueres raised concerns about the role of fossil fuel companies at COP, expressing doubts about their contribution to climate solutions.
Secretary-General António Guterres defended President Al Jaber’s position, stating that he was better positioned to advocate for a fossil fuel phaseout.
Romain Ioualalen, the global policy campaign manager at Oil Change International, emphasized the importance of sending a clear signal that the era of fossil fuels must end rapidly as a litmus test for COP28.
Amidst these debates, Pakistan applauded the swift operationalization of the Loss and Damage Fund, with an impressive $575 million pledged within the first hour of COP28’s opening session.
The fund’s significance in justifying climate-related challenges, particularly for vulnerable nations, was acknowledged by the global community. Pakistan, playing a crucial role as the Chair of the G77 and China group at COP27, advocated for the fund’s establishment.
The initial pledges, including $225 million from the European Union, underscore a collective effort to address climate change impacts. However, there is a recognition that these contributions fall short in tackling the immense challenges faced by climate-vulnerable nations.
As COP28 unfolds until December 12, 2023, the world watches with anticipation, hoping for further commitments and actual actions to propel the global community toward a sustainable and strong future.
