DAY 1 – COP: “COP28 Achieves Breakthrough: Launching the Loss and Damage Fund to Tackle Climate Vulnerabilities”

COP28 commenced in Dubai, UAE, on November 30, bringing with it heightened expectations from environmentally conscious individuals around the globe. The inaugural day of the conference witnessed a significant milestone—the launch of the long-anticipated Loss and Damage Fund. This achievement is deemed a major success for the conference, marking a pivotal moment in addressing the impacts of climate change.

COP28 President Dr. Sultan Al Jaber announced a groundbreaking achievement as the first major milestone of COP28 was reached—the operationalization of the Loss and Damage Fund. This fund aims to assist developing nations facing the severe impacts of climate change, known in negotiations as ‘loss and damage.’ Dr. Al Jaber expressed satisfaction with the unprecedented speed at which the global community collaborated to make the fund operational within a year of its initial agreement during COP27 in Sharm El Sheikh, Egypt.

The Fund’s operationalization followed a series of crucial transitional committee meetings, with the COP28 Presidency adding an extra meeting in Abu Dhabi to address an impasse reached during the fourth session. Recommendations arising from these meetings outlined essential grant-based support for countries significantly affected by climate-induced losses. COP28 leadership engaged in a comprehensive listening tour, sharing these recommendations with national governments before the historic decision was made.

Highlighting the significance of addressing Loss and Damage, the concept emphasizes the continued impact on vulnerable communities, even if global climate mitigation goals are achieved. These communities experience adverse effects such as extreme weather events, reduced agricultural productivity, and rising sea levels due to the “locked-in” level of warming.

A breakthrough on Loss and Damage paves the way for a robust response to the Global Stocktake, a global assessment of progress towards the goals of the Paris Agreement. The UAE has pledged $100 million to the Fund, which will provide financial assistance to nations most vulnerable to climate change for mitigation and recovery efforts. Other significant contributions include $100 million from Germany, £40 million for the Fund and £20 million for other arrangements from the UK, $10 million from Japan, and $17.5 million from the United States

On November 30, marking the commencement of COP28, the official transfer of summit presidency occurred, with Dr. Sultan Al Jaber officially receiving the role from his predecessor, Egypt’s Sameh Shoukry. This transition sets the stage for the UAE to embark on two weeks of rigorous climate negotiations.

COP28 UAE is being held at Expo City Dubai from November 30 to December 12, 2023. The conference is anticipated to bring together a diverse assembly of over 70,000 participants, encompassing heads of state, government officials, international industry leaders, representatives from the private sector, academics, experts, youth, and non-state actors.

In alignment with the directives of the Paris Climate Agreement, COP28 UAE is pioneering the inaugural Global Stocktake—a comprehensive assessment of advancements made toward climate goals.

The UAE is spearheading an initiative for all participating parties to reach a consensus on a transparent roadmap, aiming to expedite progress through a practical global energy transition and an inclusive “leave no one behind” approach to climate action.