Niël Terblanché
Amidst growing concerns about the escalating impacts of climate change, the establishment of the first-ever Loss and Damage Fund occurred at the 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28).
The creation of the fund followed an alarming announcement that 2023 has already clinched the title of the hottest year on record.
The Loss and Damage Fund, a long-standing demand from developing nations struggling with the rising costs of climate-related disasters, is widely seen as a beacon of hope for those on the frontline of climate change.
Within the first hour of this historic decision, pledges exceeding a staggering $420 million poured in, showcasing an unprecedented commitment to compensate vulnerable countries bearing the brunt of climate change.
Leading the charge were significant contributions from nations and entities, including $100 million from the host country, the United Arab Emirates, $100 million from Germany, $17.5 million from the United States, $10 million from Japan, and $75 million from the United Kingdom.
These generous pledges are evident of the global consensus on the urgent need to address the impacts of climate-induced disasters.
COP28 President Sultan al-Jaber urged nations to unite in the pursuit of global climate goals.
UN Climate Change Executive Secretary Simon Stiell stressed the imperative for bold action, warning against mere “baby steps” in the face of a planetary climate crisis.
Stiell called for ambitious Nationally Determined Contributions (NDCs) aligned with the 1.5-degree Celsius goal set in the Paris Agreement.
UN Secretary-General Antonio Guterres welcomed the decision.
“Today’s news on loss and damage gives this UN climate conference a running start. All governments and negotiators must use this momentum to deliver ambitious outcomes here in Dubai,” he said.
COP28, this year, is presented under the theme #ClimateAction Unite. Act. Deliver, and will address critical issues, including the global stock take and the reduction of fossil fuel usage.
COP28 stands as a critical juncture in shaping the global climate agenda.
The 28th session of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) in Dubai, United Arab Emirates, will end on 12 December 2023.
