COP28: Agreement On Loss And Damage Deal Reached On First Day
In a significant move during the first day of COP28, participating countries took an important step by agreeing to operationalise the ‘Loss and Damage Fund’, addressing the critical issue of vulnerable countries hit by climate disasters.
The fund, a product of negotiations spanning five transitional committee meetings, with the most recent hosted in Abu Dhabi, was initially proposed at COP27 in Sharm El Sheikh, Egypt and agreed upon during COP28, UAE.
Loss and Damage fund which is expected to impact billions of lives and livelihoods vulnerable to climate change, remains a key focus at COP28. The fund aims to support developing countries most susceptible to the adverse impacts of climate change.
COP28 President, Sultan Al Jaber, put forth historic measures, marking a turning point in the global response to Loss and Damage. "As we go forward with this fund at COP28, we recognise the urgency to address Loss and Damage, particularly for the most vulnerable. Our collective commitment today marks a historic step forward, reflecting the shared responsibility we bear for a sustainable and resilient future," said Jaber at COP28.
Notably, key nations made significant financial commitments, with the UAE leading the way with a USD 100 million pledge, Germany (USD 100 million), the UK (40 million pounds for the fund and 20 million pounds for other arrangements), Japan (USD 10 million) and the US (USD 17.5 million).
“Germany and the United Arab Emirates are jointly leading the way. At the same time, we are jointly calling on all countries that are willing and able to make contributions of their own to the new fund to respond to loss and damage. In this way, we are building bridges between traditional donor countries and new, non-traditional donors," said Germany’s Development Minister, Svenja Schulze at the summit.
Schulze added that after all, many countries that were still developing countries 30 years ago can now afford to shoulder their share of responsibility for global climate-related loss and damage.
"This is the kind of leadership we expect from the host country and we urge other countries to follow suit. Rich developed countries must step up with major contributions to the new fund, and polluting industries must also be made to pay," said Ghiwa Nakat, Executive Director, Greenpeace MENA (Middle East and North Africa).
Nakat mentioned that if the COP Presidency can build on this with a consensus on just phasing out fossil fuels, COP28 will indeed be a historic event.
