“COP28” achieves its first milestone with the approval of delegations for the Loss Fund
The early breakthrough in establishing the Loss and Damage Fund, which the poor countries have been calling for for years, paves the way for other settlements to be reached during the summit
The United Nations Climate Change Conference, “COP28,” achieved an early victory on Thursday with the approval of delegations to create a new fund to assist poor countries in dealing with costly climate disasters.
Sultan Al Jaber, the UAE Minister of Industry and President of “COP28,” said the decision sends a “positive signal to the world and to our work here in Dubai.” Delegations opened the door for governments to announce new contributions during the establishment of the fund on the first day of the two-week conference.
Several countries have already announced contributions, including $100 million from the UAE, which is hosting the conference, and at least $51 million from the UK, $17.5 million from the United States, and $10 million from Japan. The European Union pledged $245.39 million, including $100 million from Germany.
The early breakthrough in establishing the Loss and Damage Fund, which poor countries have been demanding for years, sets the stage for other settlements to be reached during the summit.
Among the other key tasks at the summit is for countries to assess the progress made in achieving global climate goals, including the Paris Agreement’s goal of limiting global warming to less than two degrees Celsius.
Jennifer Morgan, the German Special Envoy for Climate, said that adopting the fund “allows us to now focus on the gradual phasing out of fossil fuels and the promotion of renewable energy.”
However, some groups expressed caution and pointed out unresolved issues, including how to fund the fund in the future.
Harjeet Singh, the Head of Global Policy Strategy at the International Climate Action Network, said, “The absence of specifying the funding cycle raises serious questions about the sustainability of the fund in the long term.”
Adnan Amin, the CEO of the conference, told Reuters earlier this month that the goal is to secure several hundred million dollars for the Loss and Damage Fund during the summit.
Al Jaber opened the summit earlier on Thursday, urging countries and fossil fuel companies to work together to achieve global climate goals.
Governments are gearing up for marathon negotiations on whether to agree for the first time on the phased withdrawal of the world from the use of coal, oil, and gas, which emit carbon dioxide, the main source of greenhouse gas emissions.
Al Jaber, also the CEO of the Abu Dhabi National Oil Company (ADNOC), adopted a conciliatory tone after months of criticism for his appointment as the president of COP28. In his opening speech, he acknowledged that there are “strong opinions regarding the inclusion of wording on fossil fuels and renewable energy sources in the text for negotiation… I urge you to work together.”
He added, “It is essential not to leave any issue on the table. And yes, as I said, we must explore ways to ensure the inclusion of the role of fossil fuels.”
He highlighted his country’s decision to “deal proactively” with fossil fuel companies, noting that many national oil companies have adopted goals to achieve net-zero emissions by 2050.
Al Jaber said, “Grateful that they stepped up to join this game-changing journey… but I must say it’s not enough, and I know they can do more.”
