COP28 President Highlights Urgent Need For Effective Loss And Damage Fund
Minister of Industry and Advanced Technology and COP28 President, Dr. Sultan Al Jaber, recently emphasized the critical need for global action to address climate change's impacts. Speaking at the 'First Meeting of the Board of the Fund for responding to loss and damage', Dr. Al Jaber highlighted the significant achievement of operationalizing the Fund at COP28 but stressed that further efforts are necessary to ensure its effectiveness in supporting vulnerable communities.
Dr. Al Jaber's vision for the Fund includes its endorsement at COP29 in Baku, prompt disbursement of funds, and a focus on creating lasting socio-economic benefits. He reminded attendees that the issue of loss and damage due to climate change has been on the COP agenda since 1991, yet it took over three decades to establish this Fund. During this time, climate change has increasingly threatened lives and livelihoods worldwide.
Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability and the UAE representative on the Board, echoed these sentiments. He celebrated the historic decision made at COP28 to operationalize and fund arrangements for loss and damage, marking a significant step forward in global solidarity. Balalaa emphasized the importance of leaving the meeting with solid foundations for future action.
The agreement reached at COP28 not only marked a pivotal moment in climate action history but also set a new pace for addressing climate-related challenges. A total of US$792 million has been pledged for loss and damage funding arrangements, with US$662 million allocated to the Fund so far, including a US$100 million contribution from the UAE. Despite this promising start, Dr. Al Jaber called for more concrete commitments to enhance the Fund's robustness and efficiency.
Dr. Al Jaber stressed that the Fund should aim to rebuild vulnerable communities in a way that makes them stronger, more resilient, and capable of improving their long-term living conditions. This approach aligns with last year's decision to implement the Fund after a series of transitional committee meetings led up to COP28.
The Board meeting in Abu Dhabi brought together members from a diverse array of nations and experiences with climate change impacts. This includes representatives from developed countries, Asia-Pacific, African, Latin American and Caribbean states, Small Island Developing States, and least-developed countries. Their collective efforts are crucial in advancing the Fund's mission to support those most affected by climate change.
The establishment and operationalization of this Fund represent a significant milestone in global climate action efforts. It underscores the urgent need for continued collaboration and commitment from all parties to address the adverse effects of climate change on vulnerable communities around the world.
With inputs from WAM
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