Dubai, 30 November, 2023 (GNP): The launch of a groundbreaking climate “loss and damage” fund at the UN’s COP28 talks in Dubai has sparked commendation and financial commitments from several nations.
While hailed as a historic step, concerns persist regarding the fund’s adequacy in aiding vulnerable nations.
During the COP28 discussions in Dubai, the UAE’s COP28 President, Sultan Al Jaber, announced the establishment of the climate “loss and damage” fund, marking a historic moment in addressing climate impacts.
Immediate financial support followed this decision, with the European Union pledging 225 million euros ($246 million), the United Arab Emirates and Germany each contributing $100 million, Britain offering $40 million, the United States pledging $17.5 million, and Japan contributing $10 million.
President Sultan Al Jaber described the fund’s launch as a monumental achievement, emphasizing its rapid adoption on the first day of COP28 as unprecedented in COP history.
While applauded as a positive stride, these financial pledges fall short of the $100 billion sought by developing nations, raising concerns among climate justice advocates.
Madeleine Diouf Sarr, chair of the Group of the 46 Least Developed Countries, underscored the significance of the fund but emphasized its necessity for effective implementation to support affected communities.
The Alliance of Small Island States echoed this sentiment, stressing the imperative need for adequate financing to alleviate the burdens of vulnerable communities grappling with climate impacts.
Rachel Cleetus of the Union of Concerned Scientists urged for financial commitments in the billions, highlighting the urgency and scale required to address the growing climate crisis.
Acknowledging concerns over the fund’s establishment at the World Bank for an interim period, stakeholders stressed the need for transparent governance and equitable representation to ensure credibility and effective utilization.
The outcome, while celebrated as a milestone, faces criticism from civil society and calls for increased contributions from wealthier nations and emerging powers.