COP28 President Dr Sultan Al Jaber, also the Minister of Energy and Advanced Technology of the UAE, head of the Abu Dhabi National Oil Company, and chairman of Masdar, on Thursday gaveled the first major milestone of the climate conference.
First agreed upon during COP27 held in Sharm El Sheikh in Egypt last year, the Loss and Damage Fund became operational on the first day of the UAE event following an agreement reached by parties during five transitional committee meetings.
Countries Commit Millions To Loss And Damage Fund
The Fund is aimed at assisting developing nations that are particularly vulnerable to the effects of climate change. The Emirates soon announced it will commit $100 million to the Fund, paving the way for other nations to make pledges to the critically important Fund.
BREAKING: The UAE is committing $100 million to Loss and Damage, an important milestone in delivering for vulnerable communities and building resilience for people suffering the devastating impacts of climate change.
— COP28 UAE (@COP28_UAE) November 30, 2023
We encourage leaders to raise ambition and unlock the crucial… pic.twitter.com/1q2jopFuok
“What was promised in Sharm El Sheikh, has already been delivered in Dubai,” said Dr Al Jaber. Other countries making notable commitments included Japan ($10 million), the US ($17.5 million), Germany ($100 million) and the UK (£40 million for the Fund and £20 million for others).
COP28 is happening at Expo City Dubai from November 30 to December 12. It is expected to convene more than 70,000 heads of state, government officials, academics, international industry leaders, private sector representatives, experts, youth and non-state actors.
The decisive action on Loss and Damage is expected to enable participants at the conference to focus on the strongest possible response to the Global Stocktake, essentially a comprehensive evaluation of progress against climate goals.
Discussions On First-Ever Global Stocktake Begin Friday
COP28 UAE is delivering the first ever Global Stocktake, or the global community’s report card on progress toward Paris Agreement goals. It’s important to assess the world’s progress toward limiting global warming to 1.5 degrees Celsius above pre-industrial levels.
Read More: Wolverines Gained Threatened Species Status in U.S. Due to Climate Change
Discussions on the stocktake begin Friday. Meanwhile, activists welcomed the loss and damage deal but emphasised that work at the Dubai conference wasn’t yet complete, with some issues still outstanding on loss and damage and attention turning to fossil fuels.
