COP28 starts with a small victory for poor nations

Dubai — The UN climate summit clinched an early victory on Thursday, with delegates adopting a new loss and damage fund to help poor nations cope with costly climate disasters.

COP28 president Sultan al-Jaber said the decision sent a “positive signal of momentum to the world and to our work here in Dubai”. The agreement on the fund was met with a standing ovation by delegates.

In establishing the fund on the first day of the two-week COP28 conference, delegates opened the door for governments to announce contributions. And several did, kicking off a series of small pledges that countries hoped would build to a substantial sum. They included $100m from the COP28 host, the United Arab Emirates (UAE); $100m from Germany; at least $51m from Britain; $17.5m from the US; and $10m from Japan.

The early breakthrough on the loss and damage fund, which poorer nations have demanded for years, could help grease the wheels for other compromises.

But some groups were cautious, noting there are still unresolved issues, including how the fund would be financed in the future. “The absence of a defined replenishment cycle raises serious questions about the fund’s long-term sustainability,” said Harjeet Singh, head of global political strategy at Climate Action Network International.

“The responsibility now lies with affluent nations to meet their financial obligations in a manner proportionate to their role in the climate crisis.”

Earlier on Thursday, Jaber opened the summit by urging countries and fossil fuel companies to work together to meet global climate goals.

Governments are preparing for marathon negotiations on whether to agree, for the first time, to phase out the world’s use of coal, oil and gas, the main sources of warming emissions.

Jaber, who is also the CEO of the UAE’s national oil company, Adnoc, aimed to strike a conciliatory tone after months of criticism over his appointment at the head of COP28.

He acknowledged that there are “strong views” about the idea of including language on fossil fuels and renewables in the negotiated text.

“It is essential that no issue is left off the table. And yes, as I have been saying, we must look for ways and ensure the inclusion of the role of fossil fuels,” he said. 

Reuters