Delegates at the United Nations Climate Conference (COP28) in Dubai achieved a breakthrough on the first day of the summit by unanimously agreeing on the operationalization of the loss and damage fund, conceived during COP27 in Sharm El Sheikh, Egypt, dedicated to provide financial assistance to countries at extreme risk from climate change, to support climate change mitigation and recovery.
The UAE announced its commitment of $100 million to the Fund. Other countries making notable commitments included Germany, which committed $100million, the UK, which committed £40million for the Fund and £20million for other arrangements, Japan, which contributed $10million and the U.S., which committed $17.5million.
The decision to operationalize the fund follows extensive deliberations during five transitional committee meetings, with the fifth meeting hosted in Abu Dhabi earlier this month. This additional meeting, added by the COP28 Presidency to overcome an impasse at the fourth meeting, ultimately led to a resolution that paved the way for the agreement.
The fund’s establishment and initial pledges set the stage for more nations to make vital contributions in the coming days, fostering a united front in the face of climate change. The financial support provided by the loss and damage fund is expected to aid developing countries that are particularly vulnerable to the effects of climate change, reinforcing the global commitment to achieving the goals set forth in the Paris Agreement.