The UN’s COP28 climate conference formally launched on Thursday a “loss and damage” fund long sought by vulnerable nations devastated by natural disasters linked to global warming.
“We have delivered history today,” the UAE’s COP28 president Sultan Al Jaber told delegates, adding that his country was committing $100 million to the fund. Germany also pledged $100 million.
After years of dragging their feet on the issue, wealthy nations backed the fund in a landmark agreement at the COP27 summit in Sharm el-Sheikh last year.
Its launch on the first day of COP28 in Dubai follows fraught negotiations on the mechanics of the fund, which will be housed at the World Bank on an interim basis.
“This sends a positive signal of momentum to the world and to our work,” Jaber said. Jaber said it was “the first time a decision has been adopted on day one of any COP and the speed in which we have done so is also unique, phenomenal and historic.” “This is evidence that we can deliver. COP28 can and will deliver,” he added.
World leaders, Britain’s King Charles III and activists and lobbyists are among more than 97,000 people jetting into the flashy Gulf city, which boasts the world’s tallest skyscraper, one of its busiest airports, and an indoor ski slope.
Double the size of last year’s conference, COP28 is billed as the largest-ever climate gathering and the UN and hosts the UAE say they will be the most important since Paris 2015.
There, nations agreed to limit global warming to well below 2 degrees Celsius since the pre-industrial era, and preferably to a safer of the world, which has contributed less to global warming but suffers its worst consequences.
But the decision for it to host has attracted a firestorm of criticism, particularly as the man appointed to steer the talks, Sultan Al Jaber, is also head of UAE state oil giant ADNOC.
Jaber, who also chairs a clean energy company, has defended his record and strenuously denied this week that he used the COP presidency to pursue new fossil fuel deals, allegations first reported by the BBC.
Christiana Figueres, who was UN climate chief when the Paris deal was reached, questioned the role of fossil fuel companies at COP and said she was “giving up hope” they could be part of the solution to warming.
Guterres said Jaber was in a better position to tell the oil industry that a fossil fuel phaseout was necessary than “if he was the member of an NGO with a very solid pro-climate record”.
“A very clear signal that the era of fossil fuels needs to end very rapidly is our litmus test for COP28,” said Romain Ioualalen, global policy campaign manager at Oil Change International.
Rallying a common position on the matter will be difficult at COP where all nations — whether dependent on oil, sinking beneath rising seas or locked in geopolitical rivalry — must make decisions unanimously.
The UAE hopes to marshal an agreement on the tripling of renewable energy and doubling the annual rate of energy efficiency improvements by 2030.
Meanwhile, Pakistan on Thursday applauded the historic achievement at COP28 as the Loss and Damage Fund saw swift operationalization, with an astounding USD 575 million pledged within the first hour of the conference’s opening session.
In a statement, the Pakistani delegation expressed gratitude for the global community’s rapid response, recognizing the fund’s significance in mitigating climate-related challenges, especially for nations facing vulnerabilities.
The pledge includes USD 225 million committed by European Union. This momentous occasion follows Pakistan’s crucial role at COP27 in Egypt, where, as the Chair of the G77 and China group, it advocated for the establishment of the fund. Over the past year, Pakistan actively engaged as a member of the transitional committee responsible for finalizing recommendations on the operationalization of the fund.
The COP28 which began on Nov 30, 2023, will continue till December 12, 2023. This success underscores Pakistan’s commitment to addressing the impacts of climate change on vulnerable nations.
Furthermore, this milestone marks just the beginning of a collective effort, as the global community emphasizes the urgency of increasing contributions to the Loss and Damage Fund. While the initial pledges amount to a significant sum of USD 575 million, it is recognized that these contributions fall short in addressing the immense challenges faced by climate-vulnerable nations.
