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COP28, Loss and damage fund

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COP28 Delegates Pledge Millions for Loss and Damage Fund

WriteCanvas News


Countries seeking more Loss and Damage (L&D) Fund to battle the impacts of the climate crisis can breathe a sigh of relief.

COP 28 delegates have pledged millions of dollars for the loss and damage fund. They reached a significant agreement on the operationalization of the fund to compensate vulnerable nations for climate change-related loss and damage.

The agreement establishes the “Climate Impact and Response Fund,” which will be housed within the World Bank on an interim basis.

The commitments:

UAE led the way with a $100 million commitment to the Fund.

Other countries making notable commitments included:

i.  Germany: $100million,
ii. The UK: £40million for the Fund and £20million for other arrangements
iii. Japan: $10million and
iv. the US: $17.5million.

Significance:

For many years, the fund has been deeply divisive and was formerly regarded as the third rail in international climate negotiations. It would use donations made voluntarily, primarily by wealthier nations, and send the money to developing countries to help them prepare for the effects of climate change.

Despite global warming mitigation goals being achieved, vulnerable communities will still face loss and damage due to “locked-in” warming, resulting in storms, floods, decreased agricultural productivity, and rising sea levels.

The Parties will focus on crafting a robust response to the Global Stocktake, a global report card on progress towards the Paris Agreement goals.

Quotes:

“The hard work of many people over many years, has been delivered in Dubai,” said Dr COP28 President Dr. Sultan Al Jaber. “The speed at which the world came together, to get this fund operationalized within one year since Parties agreed to it in Sharm El Sheikh is unprecedented.”

“The responsibility now lies with affluent nations to meet their financial obligations in a manner proportionate to their role in the climate crisis,” said Harjeet Singh, Head, Global Political Strategy, Climate Action Network International.

“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,” said Simon Stiell, UN Climate Chief at a press conference.

Backdrop:

The Fund was first agreed upon during COP27, held in Sharm El Sheikh, Egypt, and becomes operational today following the agreement reached by parties during 5 transitional committee meetings. The 5th transitional meeting hosted earlier this month in Abu Dhabi was added by the COP28 Presidency following the impasse reached at the 4th meeting, where Parties resolved.


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Leadership, political will & affordability required to address Climate

Renjini Liza Varghese


An Amazon delivery boy jumped into the customer’s pool to beat the heat. To many, this may present a comical respite. But for me, the incident highlights the severity of heatwaves in California and the reality of the impact of severe changes in climate and temperature on the human race.

The current last week is a case in point. As we inch toward the weekend, we have witnessed havoc caused by the heavy downpour in Asia including India, the hottest summer in many European countries, the heatwave in the US, etc.  No, I am not going to dive deep into the damage or to the data in this blog. But I want to draw your attention to a joint statement by the UN Climate Change Executive Secretary Simon Stiell and COP28 President-Designate Dr Sultan Al Jaber at the G20 Energy Ministerial in Goa last Friday (21 July 2023).

The crux is “align action and political will going forward towards the common goal of closing the gaps across all of the pillars of the Paris Agreement and get on track to keep 1.5C within reach.”

No doubt the leadership by the G20 is Indispensable in climate action as the G20 countries are responsible for 85% of the world’s GDP, and also 80% of the world’s emissions.

This means we all know what is required to transition towards a net-zero economy. But apprehension about the benefits, growth, fear of diminishing profits/market share, and so on keeps people and enterprises away from real action.  I am of the view that the tide can be turned. What is required is a firm political will combined with corporate actions. I am not saying, there is no action, but more needs to be done as the TIME TO ACT IS NOW.

As a part of the sustainability community, I believe that sustainable development and a climate-resilient world come with great benefits for growth, poverty eradication and more. It just needs a collective will.

Discussions around climate change and climate action dominate the world today. But statements such as the one reproduced below ring alarming bells.

“While the discussions at the G20 Energy Ministerial considered energy transition and aligning current pathways with the Paris Goals, the outcome did not provide a sufficiently clear signal for transforming global energy systems, scaling up renewable and clean energy sources and responsibly phasing down fossil fuels.”

The fact is that climate change is hitting the human race hard. And the ‘climate vulnerable’ are looking at these leaderships to take decisive actions.

But I am still hopeful as the same statement also spoke about a more focused approach. “The science demands a strong mitigation outcome at COP28 that drives a significant reduction in greenhouse gas emissions and builds on the progress of previous COPs. We call on the G20 to lead the way on the basis of both science and equity, laying the path to a strong and credible outcome that provides developing countries with the basis to undertake a just transition.”

I hope at the end of COP28 we have more concrete actions committed, combined with a stronger political will from across the globe that is purpose-driven than just a thought for benefits or profits.


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