COP28 opens with victory for 'loss and damage' fund

COP28 President Sultan Ahmed al-Jaber of the host country UAE said the decision sent a “positive signal of momentum to the world and to our work in Dubai”.

COP28 has approved the Loss and Damage Fund to finance poor countries suffering from climate change. Photo: COP28

When the Loss and Damage Fund was established on its first day, the two-week COP28 conference opened the door for countries to announce contributions. And some did, including $100 million from the host UAE, at least $51 million from the UK, $17.5 million from the US, and $10 million from Japan. The European Union later pledged $245.39 million, including $100 million from Germany.

An early breakthrough on a “Loss and Damage” fund that poorer nations have been demanding for years could help spur other compromises made during the two-week conference.

Alden Meyer of the E3G consultancy said the approval of the “Loss and Damage” fund, as it has been informally called for the past two years, means “no party… can use it as a bargaining chip tied to other issues.”

Another task of the conference will be a global stocktake, assessing countries' progress in meeting the Paris Agreement goal of limiting global warming to well below 2 degrees Celsius.

Using the fund “allows us to focus on the global inventory and phasing out fossil fuels and building renewable energy,” said Jennifer Morgan, Germany’s climate envoy.

Pope Francis, who was forced to cancel his trip to COP28 due to health problems, sent a message on social network X: “I ask those participating in #COP28… to focus on the common good and the future of their children...”.

Earlier on Thursday, the COP28 conference opened with a call for countries and fossil fuel companies to work together to meet global climate goals.

Nations are preparing for marathon talks on whether to agree for the first time to phase out the use of coal, oil and gas that emit CO2, the main source of emissions causing global warming.

Conference chairman Jaber, who is also CEO of the UAE's national oil company ADNOC, admitted that there were "strong views" on the idea of ​​including language on fossil fuels and renewable energy in the negotiating text.

“It is essential that no issue is left unaddressed. And yes, as I said, we have to find a way and ensure that the role of fossil fuels is included,” he said, noting that many UAE oil and gas companies have adopted net-zero targets for 2050.

Huy Hoang (according to COP28, Reuters)

Source: https://www.congluan.vn/hoi-nghi-bien-doi-khi-hau-cop28-khai-mac-voi-chien-thang-cua-quy-ton-that-va-thiet-hai-post274653.html