COP28: Big Polluters Begin Pledging to Loss and Damage Fund
It’s a good start but still not enough
The COP28 climate conference kicked off in Dubai on Thursday last week with African nations taking a resolute stance, demanding the fulfillment of promises made over a decade ago. The poignant cry, “give us the money you promised,” echoed commitments from the 2009 Copenhagen summit, where developed nations committed to allocating $100 billion annually in climate finance to aid developing economies.
On the inaugural day of COP28 saw the activation of the Loss and Damage Fund. The fund was first agreed during COP27 in Egypt last year, and which became operational on 30 November 2023. Since agreement was reached last week participating countries, including the UAE, Germany, the UK, France, Italy, the U.S, Canada and Japan, had pledged over $650 million by Tuesday. Germany and the UAE were frontrunners in pledging $100 million each to the Loss and Damage Fund. The commitment dwarfed the initial $17 million pledged by the United States, and 10 million by Japan.
The distribution of financial support has become a focal point in the ongoing diplomatic discussions, making this round of climate talks one of the most fraught and consequential in recent history.
The Loss and Damage Fund is designed to provide crucial financial assistance to low-income countries grappling with severe climate impacts. Despite its formal launch, critical details, including the nature of financial assistance (grants or loans), are yet to be determined, contingent on funding pledges from developed nations.
African delegates are expected to advocate forcefully for swift resolutions, urging the immediate activation of the Loss and Damage Fund to address urgent climate-related challenges. However, the success of COP28 hinges significantly on the contributions of the world’s wealthiest nations, who hold the key to a fruitful conference.
