Day 1 of COP28

COP28

30 Nov

To say that Day 1 of COP28 was eventful, would be an understatement. A lot happened, but here is a recap of what stood out the most for us.

The COP28 President, Dr. Sultan Al Jaber has catalysed positive momentum by achieving the first of many milestones at this year's COP. In a surprise move, he managed to operationalise the Loss and Damage Fund with financial commitments made by countries including the UAE, which pledged $100 million to the LDF. Other notable commitments were made from Germany, of $100 million, which will form a substantial part of an expected $245m commitment from the EU. The UK committed $50 million, Japan $10 million and the USA $17.5 million.

The LDF aims to provide financial assistance to developing countries that have suffered and will continue to suffer due to their vulnerability to the effects of climate change. For the Fund to be operationalised in just one year, following its commencement since Parties agreed upon it in Egypt at COP27, is a monumental achievement and reflects the President's stance of leadership in this shared problem. The UAE committing to this also shows how it has moved beyond the core principle of the UNFCCC, of Common But Differentiated Responsibilities - this sets a crucial precedent where other countries like the G77+ China, the Arab group and so forth can no longer hide behind CBDR.

How the LDF will function, including during its 4-year interim period being hosted by the World Bank, will be crucial further work to be detailed at COP28 and beyond. This includes issues like how quickly countries can access money, the secretariat that will manage the fund and their respective salaries. Furthermore, the funding secured so far is a mere drop in the ocean compared to what is going to be needed for the LDF. Estimates for the cost of Loss & Damage for developing countries are projected to reach $400 billion by 2030.