COP28 in Dubai adopts decision to implement climate "Loss and Damage" Fund
Shafaq News/ On its inaugural day in Dubai, the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) embraced the decision to operationalize a climate "Loss And Damage" Fund.
Dr. Rachel Cleetus, the policy director and lead economist for the Climate and Energy Program at the Union of Concerned Scientists, said, "The launch of the Loss and Damage Fund on the opening day of COP28 is a significant step forward in the fight for climate justice. Low- and middle-income nations are suffering from billions of dollars in damage and an immense human toll due to increasingly severe climate impacts. There's simply no time to wait. With the fund up and running, wealthier nations must now ensure that it's well-resourced to meet the needs of those on the frontlines of the climate crisis. The initial monetary pledges announced today are a small but inadequate start. Wealthy nations, including the United States, must live up to their responsibility to provide significant contributions to the fund in the years ahead.
"Nations must now move expeditiously to tackle other pressing issues on the agenda at COP28. That includes securing an agreement on a fast, fair fossil fuel phaseout to address the root cause of climate change and Loss and Damage. Addressing Loss and Damage in a more comprehensive way must also be a key part of the Global Stocktake and climate finance negotiations over the next two weeks." She added.
Sultan Al Jaber, the Emirati President of COP28, expressed his congratulations after adopting the decision, characterizing it as a historic moment.
The fund, initiated at COP27 in Sharm el-Sheikh, Egypt, aims to compensate countries most severely impacted by climate change.
The agreement to establish the fund during COP27 received praise from countries particularly vulnerable to climate change effects, including those facing challenges such as droughts, floods, and rising sea levels.
While the UAE is among high-income nations not currently obligated to contribute to UN climate funds, it committed $100 million on Thursday to address losses and damages. This contribution is highlighted as a significant achievement in extending assistance to vulnerable nations and enhancing resilience against the devastating impacts of climate change, as stated on the official COP28 platform on "X."
On November 13, the European Commission announced the European Union's intention to make a "significant" financial contribution to the new international fund that addresses climate change-induced devastation. The Commission emphasized its readiness to announce a substantial financial commitment from the EU and its member states to the COP28 Loss and Damage Fund.
