COP28: On the first day of the 2023 United Nations Climate Change Conference, or the 28th edition of the Conference of Parties to the UN Framework Convention on Climate Change (COP28), an agreement to operationalise the ‘Loss and Damage Fund’ was reached. This is the first major milestone of COP28 because it will allow countries, especially the vulnerable ones, to combat the adverse effects of climate change. COP28 began in Dubai on November 30, and will end on December 12.
The Loss and Damage Fund, which was agreed upon at the conclusion of COP27, became operational on November 30, after an agreement was reached at the end of five transitional committee meetings.
Dr Sultan Al Jaber, the President of COP28, has urged nations to commit resources to the fund.
The United Arab Emirates (UAE) pledged $100 million to the fund.
The United Kingdom, the United States, Germany, and Japan have pledged $40 million, $17 million, $100 million, and $10 million to the fund, respectively.
The agreement to operationalise the Loss and Damage Fund will allow the Parties to focus on the strongest possible response to the Global Stocktake, an assessment of progress made towards mitigating global warming since the Paris Agreement in 2015. At COP28, the results from the first-ever global stocktake will be discussed.
In a statement, Dr Al Jaber said the fund will support billions of people, lives and livelihoods that are vulnerable to the effects of climate change.
Dr Al Jaber said during a press conference that $450 million was pledged towards the fund on the first day. He called the fund the “DNA” of COP28.
Dr Al Jaber also said that the Presidency’s main focus is on translating visions and aspirations into real practical actions that will make a difference, and next is the realisation of the global stocktake.
He said that the threshold was $200 million to operationalise the fund, and that more is expected in the coming days.
More about the Loss and Damage Fund
The Loss and Damage Fund should have at least $100 billion a year by 2030. Developed countries have been invited to make contributions.
According to developing countries, the actual needs are closer to $400 billion per annum.
According to a study published by Dr James Rising at the University of Delaware, loss and damage from climate change cost about $1.5 trillion in 2022, and due to the impacts of climate change, countries in the Global South have lost an average of 8.3 per cent of the Gross Domestic Product (GDP).