Delegates, representing nearly 200 countries, came together on the opening day to announce the creation of loss and damage fund dedicated to assisting developing nations in bearing the costs of climate-driven damages.
The 28th UN climate summit kicked off in Dubai's Expo City with a good news for nations grappling with the impacts of climate change. Delegates, representing nearly 200 countries, came together on the opening day to announce the creation of loss and damage fund dedicated to assisting developing nations in bearing the costs of climate-driven damages.
The establishment of the Loss and Damage fund, a long-standing demand of developing nations, unfolded as a significant breakthrough during the initial sessions of the two-week COP28 conference.
Typically reserved for last-minute negotiations after days of discussions, this year's summit deviated from the norm by prioritising the creation of the Loss and Damage Fund. The aim of the Loss and Damage Fund is to provide financial assistance to poorer nations as they deal with the negative consequences that arise from the unavoidable risks of climate change.
The momentum continued as governments seized the opportunity to announce their contributions. Host UAE led the way with a $100 million commitment, joined by another $51 million from Britain, $17.5 million from the United States, $10 million from Japan, and a substantial $245.39 million from the European Union, which included a $100 million pledge from Germany.
A Decades-Long Struggle:
For more than 30 years, developed nations employed various tactics to impede loss and damage funding to the most affected – and least responsible – nations. However, last year at the Cop27 summit in Egypt, there was a formal agreement to establish a new, broad fund and funding arrangements.
The success was attributed to the Egyptian COP27 presidency and the pressure exerted by the G77 block of developing countries, including China, led by Pakistan. Pakistan's leadership became influential as it faced unprecedented floods that submerged a third of the country.
However, it was not until a few weeks before COP 28 that rich and poor countries managed to iron out some of their differences and agree on key points of the fund.
PM Modi In Dubai:
Prime Minister Narendra Modi, who arrived in Dubai last night, called for climate financing and technology transfer to developing nations, empowering them to effectively confront the challenges posed by climate change.
"Landed in Dubai to take part in the COP-28 Summit. Looking forward to the proceedings of the Summit, which are aimed at creating a better planet," PM Modi posted on X. "Deeply moved by the warm welcome from the Indian community in Dubai. Their support and enthusiasm is a testament to our vibrant culture and strong bonds."
PM Modi's engagement at COP28 extends beyond the World Climate Action Summit, as he is set to participate in three additional events. The COP28, under the UAE's presidency, runs from November 30 to December 12.