XXVIII of the UN Framework Convention on Climate Change. The Conference of the Parties was held this Thursday. Multilateral agreement to launch the Loss and Damage Fund with the promise of an initial contribution of around $600 million. This mechanism was one of the flaws inherited from the previous climate event, COP27, held in Egypt a year ago, and its aim is to help developing countries face negative impacts.
This is the first agreement reached at COP28, which opens in Dubai and runs until December 12.
COP28 President Sultan Al Jaber celebrated the launch of this fund, which he described as “historic” to help developing countries that are most vulnerable to the adverse effects of climate change.
“This Fund will support the lives and livelihoods of billions of people, especially those who are vulnerable to the impacts of climate change,” Sultan said.
The new fund agreed at COP27 becomes operational today, following the agreement reached by the parties at the five transition committee meetings held with COP28. The fifth transition meeting took place in Abu Dhabi in early November.
The United Arab Emirates, which hosted the summit, announced that it would contribute $100 million to pave the way for other countries for its implementation. Al Jaber called on countries to follow his example and allocate resources to this mechanism “immediately”. .
EU leads contributions
Exactly, Spain, representing the EU Presidency, announced the following: 27 countries will contribute at least 250 million euros to the same background. Government sources stated that President Pedro Sánchez is expected to make a statement on this issue during his participation in the climate meeting this Friday.
“What was promised in Sharm El Sheikh has already been delivered in Dubai,” the COP28 president said, praising the speed with which the world came together to launch this fund in less than a year since Sharm Sheikh thanked him. Thank you to the team for their “hard work” to make this agreement possible on the first day of the summit.
“Show the world we can come together, take action, and serve. “Over the next two weeks, this Presidency will now work with the Parties to deliver the most ambitious response,” he argued.
During the session, Germany pledged 100 million euros (included in the 250 million euros announced by the EU); UK, £40 million; Japan is 10 million dollars, the USA is 17.5 million dollars.
Help underdeveloped countries
This fund will allow underdeveloped countries to face the worst effects of climate changeEven if the world meets mitigation targets, as a steady level of warming already impacts the most vulnerable communities through storms, flooding, reduced agricultural productivity and rising sea levels.
The interim manager of this fund for the next four years will be the World Bank, because during this period the Fund must establish an Independent Secretariat. This mechanism must have “at least” $100 billion annually to finance losses and damages in 2030.
However, these payments are optional for countries, according to the text of the agreement, which states that the most developed countries are “invited” to contribute. However, developing countries estimate their real needs to be around $400 billion annually.
Following the agreement, Joe Thwaites, head of International Climate Finance at the Natural Resources Defense Council (NRDC), warned: The job is not done yet because there will be no rest until the fund is “adequately funded and truly begins to ease the burden on vulnerable communities.”
“Success will begin when the international community can adequately support the victims of this climate crisis with direct and effective access to the financing they urgently need,” he said.
Similarly, Harjeet Singh, head of global political strategy at the International Climate Action Network, sees this as a “historic achievement” because it will provide “immediate” aid to vulnerable communities living on the front lines of the climate crisis and contributing little to climate change. provoke.
“Rich and high-emission countries should come to the fore”
“All rich, high-emitting countries now have a responsibility to accelerate this step.” “We will contribute to the fund,” he said.
Linda Kalcher, managing director of the Strategic Perspectives think tank, celebrated the COP’s “initial success” but regretted that “many of the concerns of developing countries were ignored.”
Therefore Kalcher insists that It is “vital” for leaders to allocate money to this fund in his speeches over the next two days.
During these two weeks, approximately 70,000 participants, including heads of state and government, officials, business leaders, private sector representatives, academics, experts, youth and non-state actors will meet in Dubai.
During the opening session, the COP28 agenda was approved, in which the Emirati Presidency established four main pillars, in addition to responding to the global climate balance and increasing collective ambition through solid negotiated solutions: accelerating a just and orderly energy transition; improving climate finance; Focus on people, nature, lives and livelihoods and encourage participation.