In a groundbreaking move on the inaugural day of the 28th Conference of the Parties (COP28 UAE) in Dubai, a consensus among delegates has ushered in the operationalization and capitalization of the much-anticipated Loss and Damage (L&D) fund and funding arrangement. This marks a pivotal breakthrough in addressing the adverse impacts of climate change, with the Climate Change Commission (CCC) commending the commitment to aiding vulnerable nations.
COP28 President, Dr. Sultan Ahmed Al Jaber, declared the operationalization and capitalization of the Loss and Damage Fund, a crucial advancement for this year’s UN climate conference. The fund, designed to compensate countries grappling with climate-induced loss and damage, garnered approximately USD 400 million in pledges.
Emphasizing the urgency of L&D financing, Al Jaber stressed, “This Presidency is committed to unlocking finance to ensure that the global south does not have to choose between development and climate action.” He called for this COP to be the year where climate finance aligns with the urgency of the moment.
The United Arab Emirates (UAE), as the host of COP28, demonstrated leadership by committing USD 100 million to the fund, underlining the collective responsibility in addressing climate challenges. Germany and the United Kingdom joined in with substantial contributions of USD 100 million and GBP 60 million (USD 75 million), respectively. Japan and the United States also pledged their support, with Japan contributing USD 10 million and the USA committing USD 17.5 million.
The Philippines, highly vulnerable to climate impacts, welcomed this decisive action. Secretary Robert EA Borje of the Climate Change Commission acknowledged the historic move forward, emphasizing the importance of international collaboration. However, he cautioned that as celebrations ensued, attention must not waver from the crucial work needed for scaling up adaptation-mitigation efforts.
This landmark decision showcases a united effort by nations to address climate change, reflecting the international community’s dedication to mitigating its devastating effects. COP28, a significant UN climate conference, brings together representatives from 198 parties to deliberate on pressing climate issues, building upon previous agreements such as the Paris Agreement and Kyoto Protocol.
As the Philippines prepares to deliver the National Statement during the World Climate Action Summit on December 2, a key event of COP28, the global community anticipates the transformation of climate-related decisions into credible plans and concrete actions. The launch of the Loss and Damage Fund stands as a testament to the world’s commitment to climate resilience and collective action.
