On the first day of the COP28 conference in Dubai, delegates from nearly 200 countries celebrated the adoption of a groundbreaking decision to initiate a climate fund aimed at financing the losses and damages incurred by vulnerable nations. This move is expected to ease tensions between the Global North and South, marking a positive step forward.
The historic decision, a concrete outcome of COP27 in Egypt last year, where the concept of the fund was approved without specifying details, was praised during the conference’s opening. Sultan Ahmed al Jaber, the Emirati president of COP28, commended the parties for this “historic decision” and emphasized the unprecedented speed with which it was achieved.
After intense negotiations, the Northern and Southern countries reached a fragile commitment on the operational rules of the fund on November 4 in Abu Dhabi, with an effective launch expected in 2024.
By adopting the text at the COP28’s outset, concerns about questioning this commitment were dispelled, preventing potential disruptions to other negotiations on greenhouse gas emissions reduction, a significant factor in global warming.
Madeleine Diouf Sarr, president of the Least Developed Countries group representing 46 of the world’s poorest nations, expressed joy over a decision with “enormous significance for climate justice.” Advocates stressed that wealthy nations, including the European Union, Germany, France, and Denmark, must now announce substantial contributions to the fund.
While contributions from major contributors are emerging, the amounts are still far from the tens of billions required to address climate damages suffered by the most vulnerable nations. The fund, temporarily located at the World Bank for four years, aims to tackle these challenges. Developed nations, led by the United States, insisted on voluntary contributions, resisting mandatory commitments and pushing for a broader base of contributors, including major emerging economies like China and Saudi Arabia.