COP28: Global delegates adopt damage fund, several nations pledge millions
Nov 30, 2023
Dubai [UAE], November 30 : Global delegates at the COP28 climate summit in Dubai formally adopted a damage fund on Thursday and several nations pledged millions of dollars to the nations hardest hit by the climate crisis, CNN reported.
Demand for a fund to channel money to developing countries to help them cope with the impacts of climate change has for years foiled progress at the annual negotiations.
The fund's details were agreed to earlier this month at a pre-COP meeting and were formalised on Thursday, in the hope it would allow for progress in other areas at the summit.
COP28 President Sultan Al Jaber said: "We have delivered history today -- the first time a decision has been adopted on day 1 of any COP." The motion passed without objection and was met with a standing ovation.
While all parties agreed to the fund, there was previously opposition to allowing the World Bank to host it. Several countries objected to the bank managing the money on the basis that it has strong US connections. All parties ultimately agreed on the condition that the World Bank's oversight of the fund would be temporary, as per CNN.
Some countries pledged money to the fund right after it was agreed. The COP28 host country, the United Arab Emirates, pledged USD 100 million, as did Germany. The UK announced Euro 60 million, part of which will be used for "other arrangements," according to the release, while the US committed USD 17.5 million to the fund and Japan contributed USD 10 million.
Climate experts and advocacy groups praised the establishment of the fund. They also said it is the first step on a long road to ensuring the countries hit hardest by the climate crisis are fully supported.
Money from rich nations must now begin flowing into the fund, they said.
President and CEO of World Resources Institute Ani Dasgupta said: "The loss and damage fund will be a lifeline to people in their darkest hour, enabling families to rebuild their homes after disaster strikes, support farmers when their crops are wiped out and relocate those that become permanently displaced by rising seas. This outcome was hard-fought but is a clear step forward."
The US in particular was criticised for its USD 17.5-million contribution, which some experts said was "embarrassing" and "striking" for how small it is compared to the pledges of other nations.
