The first day of the COP28 UN summit saw the approval of a landmark agreement aimed to help the world’s poorest and most vulnerable countries pay for the irreversible impacts of climate disaster.
The deal entails the establishment of a climate disaster fund that will help vulnerable nations cope with the impact of drought, floods and rising seawater.
COP28 President, Sultan Al Jaber said that the agreement marked a “positive signal of momentum” at the start of the summit.
In opening remarks, al-Jaber made the case that the world must “proactively engage” fossil fuel companies in phasing out emissions, pointing to progress by some national oil companies in adopting net-zero targets for 2050.
“I am grateful that they have stepped up to join this game-changing journey,” al-Jaber said in opening remarks. “But, I must say, it is not enough, and I know that they can do much more.”
The agreement was met with a standing ovation from delegates. The UAE is likely to see this as a major win for its presidency.
The UN’s climate chief, Simon Stiell, gave a more stark assessment, saying there must be a “terminal decline” to the fossil fuel era if we want to stop “our own terminal decline”.
Host country UAE and Germany both pledged $100m (£79m) to the loss and damage startup fund, which will aim to keep up with the rising costs caused by extreme weather and slow-onset disasters such as sea level rise, ocean acidification and melting glaciers.
Germany’s Development Minister, Svenja Schulze, noted, “Germany and the United Arab Emirates are jointly leading the way.
Schulze added, “At the same time, we are jointly calling on all countries that are willing and able to make contributions of their own to the new fund responding to loss and damage.”
“In this way, we are building bridges between traditional donor countries and new, non-traditional donors. After all, many countries that were still developing countries 30 years ago can now afford shouldering their share of responsibility for global climate-related loss and damage.”
Svenja Schulze
The initial funding is close to US$429m will come from the EU, including US$100m from Germany. There is also £60m ($75m) from the UK, $24.5m from the US and $10m from Japan.
The funding will be a much-needed boost for the agreement, as the loss and damage resolution does not mention scale or the replenishment cycle, which climate justice advocates say raises questions about the fund’s long-term sustainability.
“Eyes On the Prize”
Simon Stiell, Executive Secretary to the United Nations Framework Convention on Climate Change (UNFCCC), said,“Today’s news on loss and damage gives this UN climate conference a running start on governments, and their negotiators must use this as a mentor to deliver truly ambitious outcomes here in Dubai.
He added, “We must keep our eyes on the prize and every minute counts.”
Al Jaber said, “I am more confident than ever that we will deliver an unprecedented result.”
Ghiwa Nakat, the Executive Director of Greenpeace Mena (Middle East and North Africa), said, “This is the kind of leadership we expect from the host country and we urge other countries to follow suit.”
Nakat noted, “Rich developed countries must step up with major contributions to the new fund, and polluting industries must also be made to pay.”
Nakat added, “If the COP presidency can build on this with a consensus agreement on a just phasing out of fossil fuels, Cop28 will indeed be an historic event.”
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