The COP28 climate conference in Dubai kicked off on a positive note after the member countries agreed to set up a climate disaster fund that would help countries to deal with the global warming crisis.
The operationalisation of the fund on Thursday (Nov 30) drew a standing ovation from delegates in the audience.
So far, $475 million has been pledged to the “loss and damage” fund, with the European Union committing around $245.39 million, which includes Germany’s $100 million, while the host, UAE, pledging an additional $100 million.
The US will contribute $17.5 million and Japan $10 million. The UK has also pledged $51 million into the fund.
Speaking at the opening ceremony on Thursday (Nov 30), COP28 President Sultan al-Jaber said that the agreement marks a “positive signal of momentum” at the start of the 2023 conference.
This is the “first time a decision has been adopted on Day One of any COP, and the speed in which we have done so is also unique, phenomenal and historic. This is evidence that we can deliver. COP28 can and will deliver,” he said.
Some key areas need to be resolved
However, many key arrangements are yet to be resolved such as who should pay into the fund, what would be the corpus amount and who would administer the money.
The payment options into the funds have been made voluntary, and all developing countries are eligible to directly access the resources.
The World Bank will be the interim host to the fund for a period of four years — an issue that previously fuelled tensions between high-income and low-income countries.
COP28 chief urges countries and fossil fuel companies to work together
Notably, last year no country had promised any money to the fund.
Earlier on the day, Jaber at the summit urged countries and fossil fuel companies to work together to meet global climate goals.
Jaber, who is also the CEO of the United Arab Emirates’ national oil company ADNOC, aimed to strike a conciliatory tone following months of criticism over his appointment as the head of COP28.
He acknowledged that there were “strong views” about the idea of including language on fossil fuels and renewables in the negotiated text.
(With inputs from agencies)
