OFFICIALS SEAL “UNPRECEDENTED” PACT ON NEW FUND FOR CLIMATE-HIT NATIONS
“The hard work of many people over many years has been delivered,” said COP28 President Sultan Al Jaber after gaveling the decision.
DUBAI, United Arab Emirates — Officials on Monday formally approved a long-awaited fund to aid vulnerable countries battered by climate change, hailed as an “unprecedented” breakthrough by the president of the COP28 climate summit in Dubai, writes Winston Mwale.
“The hard work of many people over many years has been delivered,” said COP28 President Sultan Al Jaber after gaveling the decision.
“The speed at which the world came together to get this fund operationalized within one year since Parties agreed to it in Sharm El Sheikh is unprecedented.”
Wealthy nations agreed last year in Egypt to create the so-called “loss and damage” fund to help developing countries cope with floods, heat waves, rising seas and other climate disasters worsened by rich economies’ historic carbon emissions.
Victimized by climate impacts but lacking financial resources, developing nations have insisted on support for loss and damage as a condition for meaningful progress during international climate talks.
Disputes over the issue have hindered past summits.
Officials say resolving the long-delayed fund could build trust at the conference known as COP28 now underway in Dubai, facilitating compromises on emissions reductions and climate financing as well.
“This decisive action on loss and damage will enable the Parties to focus on the strongest possible response to the Global Stocktake,” Al Jaber said, referencing a comprehensive report on climate action due out soon.
The breakthrough came as the United Nations warned the world remains “dangerously off target” for meeting temperature goals, with current policies putting the planet on track for a destructive 2.5 degrees Celsius of warming by 2100.
Germany, the United Kingdom, Japan, and others on Monday announced nine-figure donations to operationalize the loss and damage fund.
But thorny questions around eligibility criteria and how contributions should be determined will continue to be subject to fraught geo-economic politics.
Al Jaber said the UAE is committing $100 million as part of global efforts to help vulnerable countries respond to mounting climate impacts through emissions reductions and disaster recovery projects.
The fund was first agreed upon last year at COP27 hosted by Egypt. Frustrations boiled over into a rare mass protest led by developing nations disappointed by unmet financial promises from world powers.
Officials added an extra transitional committee meeting hosted by the UAE last month to make a final push for consensus on administrative details, generating key recommendations later socialized with national governments.
That compromise allowed formal approval Monday and capped five meetings this year since the fund’s approval.
More than 70,000 participants are gathered in Dubai, seeking to turn pledges into concrete action over the next two weeks.