COP28: Parties agree to operationalize loss and damage fund

Adoption of the Loss and Damage fund narrative was first done during COP27 in the year 2022 in Sharm El Sheikh, Egypt.

The COP 27 agreement became operational shortly after Al Jaber was installed to officially lead the 2023 Climate Change discussions.

The  agreement was reached by parties during the first 5 transitional committee meetings at the Dubai-Expo City where the global climate change talks on how to tackle climate change crisis are ongoing.

Following the parties agreement,the UAE announced a commitment of $100 million to the Fund Loss and Damage paving way for other developed nations to make pledges.

Dr. Al Jaber called on nations to follow the UAE’s example to immediately commit resources to the Fund in an ambitious multilateral act. 

“What was promised in Sharm El Sheikh, has already be delivered in Dubai.” Dr. Al Jaber said,“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”.he added.

According to the COP 28 president,the decisive action on Loss and Damage will enable the Parties to focus on the strongest possible response to the Global Stocktake, the world’s report card on progress toward Paris Agreement goals. 

“This Fund will support billions of people, lives and livelihoods that are particularly vulnerable to the effects of climate change,” said, Dr. Sultan, “I want to thank my team for all their hard work to make this possible on day one of COP28. It proves, the world can unite, can act, and can deliver. Over the next two weeks this Presidency will work with Parties to now deliver the highest-ambition response to the GST.”

Other countries which made notable commitments included Germany, which committed $100million, the UK, which committed £40million for the Fund and £20million for other arrangements, Japan, which contributed $10million and the U.S., which committed $17.5million.

Various stakeholders have hailed the move however expressing fear on implementation of the commitment seeking to have a clear implementation plan.

Some Civil Society Organizations have however said that the announcement is meant to appease various stakeholders and shut talks around getting a solution to the Climate Change menace by having developed countries stop usage of fossil fuel, which is a major contributor of carbon gas into atmosphere, leading to global warming and negative climate effects.