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The Conference of the Parties to the United Nations Framework Convention on Climate Change, known as COP28 is now underway in UAE and aims to address the challenges of climate change, marking a pivotal moment since the Paris Agreement. This event represents a significant milestone in the ongoing global efforts to combat climate change since the Paris Agreement, and expectations are high for substantial outcomes.
On the inaugural day of the week-long conference, a significant milestone was achieved with the adoption of the first foundational resolution. Delegates at the COP28 climate talks in Dubai formally adopted a loss and damage fund to transfer finances to countries hit hardest by the climate crisis.
The details had already been agreed upon earlier this month at a pre-COP session when it was decided that the World Bank would host the fund. Participants emphasized the conference’s role in fostering global collaboration for effective and swift action. The newly established fund garnered contributions exceeding USD 300 million in its initial round of pledges.
In a groundbreaking move, the UAE Foreign Minister Sheikh Abdullah Bin Zayed announced the country’s commitment of $100 million to the new fund dedicated to addressing climate-related disasters. UAE congratulate all parties on the historic adoption of this fund for climate impact response and announces its commitment of USD 100 million contribution. Call on all countries in a position to do so to contribute generously, as an important symbol of solidarity, stated Sheikh Abdullah.
Among other nations that pledged contributions to the fund during the previous conference held in Sharm El Sheikh, Egypt, were India with USD 100 million, the United Kingdom USD 75.89 million, the United States with USD 17.5 million, and Japan with USD 10 million.
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In a remarkable early win for the Cop28 presidency, a loss and damage fund became official on day one. The first time a decision has been adopted on day 1 of any COP. Getting this done demonstrates the hard work of so many, particularly members of the transitional committee who worked tirelessly to get us to this point. This is evidence that we can deliver. COP28 can deliver, stated Dr Sultan Al Jaber, president, COP28. The fund will support billions of people, lives and livelihoods that are vulnerable to the effects of climate change.
