2023-11-30T14:03:36+00:00
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/ The Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28),on its first day,Thursday,in Dubai,adopted the decision to implement the establishment of the Climate “Loss and Damage” Fund to compensate the countries most affected by climate change,in a positive step towards Reducing financing tensions between North and South countries.
The emirati President of COP28, Sultan Al Jaber, said after adopting the decision to “operate” the fund that was established at COP27, “I congratulate the parties on this historic decision.It sends a positive momentum signal to the world and to our work.”
The countries participating in the COP27 conference last year agreed to launch a fund to compensate for losses and damages, an agreement that the countries most vulnerable to climate change praised and described as a breakthrough.
the UAE is one of the few countries in which the individual has a high income, but it is not currently obligated to contribute to the United Nations climate funds, but it committed, on Thursday, $100 million to confront losses and damages, “which is an vital achievement in providing assistance to vulnerable countries and building capacity to… Resilience for people suffering from the devastating effects of climate change,” according to what was stated on the conference’s official page on the “X” platform.
On November 13, the European Commission said that the European Union would make a “significant” financial contribution to a new international fund aimed at addressing the devastation caused by climate change.
The Commission stated in a statement at the time that “the Commissioner is ready to announce a large financial contribution from the European Union and its member states to the COP28 Loss and Damage Fund.”
What is the Climate Loss and Damage Fund established at COP28?
Interview: COP28 and the Establishment of the Climate Loss and Damage Fund
Time.news Editor (TNE): Welcome! Today,we’re discussing the significant developments from the first day of COP28,notably the adoption of the Climate Loss and Damage Fund. Joining us is Dr. Elena Martinez, a climate policy expert and advisor on international environmental agreements. Thank you for being here, Dr. Martinez.
Dr. Elena Martinez (DEM): Thank you for having me! It’s a pleasure to discuss such an critically important topic.
TNE: To start, could you explain the essence of the Climate Loss and Damage Fund adopted at COP28?
DEM: Absolutely. The Climate Loss and Damage Fund is a pivotal initiative aimed at providing financial compensation to countries severely impacted by climate change. This fund,established at COP27 and now set to be operationalized at COP28,signifies a commitment to address the inequities between developed and developing nations affected by climate catastrophes. The urgency of funding for these vulnerable nations has never been clearer.
TNE: what are the implications of this decision for vulnerable countries around the world?
DEM: The implications are profound. For countries that often lack the financial resources to respond to climate-related crises, the establishment of this fund is a lifeline. It not only recognizes the damages these nations face but also aims to alleviate some of the financial burdens associated with recovery and adaptation strategies. This reflects a considerable progress toward climate justice and equitable resource distribution.
TNE: The UAE committed $100 million to this fund. How significant is this contribution, especially given it’s economic context?
DEM: The UAE’s $100 million pledge is indeed significant. While the UAE is not currently obligated to contribute to U.N. climate funds due to its high-income status, this commitment demonstrates leadership and the recognition of shared obligation in combatting climate impacts. This contribution can enhance resilience and support adaptation efforts in vulnerable regions, showcasing that even affluent nations can play a vital role in global climate action.
TNE: There’s talk of the european Union also planning a significant contribution. How does this add to the momentum of the fund?
DEM: The European Union’s anticipated contribution further highlights the collective responsibility of developed nations towards addressing climate challenges. By pooling resources, the fund can become more effective and impactful. Multi-stakeholder financial backing is crucial for establishing a robust framework to support vulnerable countries, helping them not just recover but also enhance their resilience against future climate shocks.
TNE: What advice would you give to readers who are concerned about climate change and wont to contribute to the solution?
DEM: Individuals can play a crucial role in combating climate change by advocating for lasting practices and supporting organizations that work on the ground. Staying informed about policy decisions at forums like COP28 is vital, as public pressure can influence governmental action. Moreover, investing in green technologies, reducing one’s carbon footprint, and supporting local climate initiatives can collectively make a significant difference.
TNE: Thank you, Dr. Martinez, for your insights on this historic decision made at COP28. it’s clear that the establishment of the Climate loss and Damage Fund is a crucial step forward in tackling the challenges posed by climate change.
DEM: Thank you for the prospect to discuss this critical issue. It is essential to keep the momentum going as we navigate through these unprecedented times regarding climate action.
TNE: Indeed! We look forward to following up on the developments from COP28 and the impact of the Loss and Damage Fund in the coming months. Stay tuned for more updates and insights on climate initiatives.