The UAE has given the green light to an important decision on the first day of COP28, the United Nations Framework Convention on Climate Change. This decision has made the loss and damage fund for developing countries operational.
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BREAKING: The UAE is committing $100 million to Loss and Damage, an important milestone in delivering for vulnerable communities and building resilience for people suffering the devastating impacts of climate change.
We encourage leaders to raise ambition and unlock the crucial… pic.twitter.com/1q2jopFuok — COP28 UAE (@COP28_UAE) November 30, 2023
The European Union has allocated approximately $275 million, whereas the host country, UAE, has promised an extra $100 million. Germany and the UK have pledged $100 million and $75 million respectively. The United States will contribute $17.5 million, and Japan has committed $10 million towards the climate disaster fund. India has expressed its approval of this decision.
Kristalina Georgieva, the managing director of the International Monetary Fund, stated during an interview that there has been advancement in securing funds for the loss and damage fund. The exact amount of funding is contingent upon the ongoing negotiations, but it is imperative that it does not fall below $200 million.
At the first day of #COP28 , member countries made a historic launch of Loss and Damage (L&D) fund that is meant to compensate countries already dealing with climate change.
Climate change financing mechanism is important from UPSC Prelims point of view.
Details about Loss… pic.twitter.com/tmdBKLLvb8 — Environment and Ecology for UPSC 🇮🇳 (@Ecology4UPSC) December 1, 2023
The establishment of the fund took place at Sharm el-Shaikh in Egypt during COP27 in the previous year.
This fund, which had been eagerly awaited by developing nations, aims to provide financial aid to countries that are recuperating from climate calamities like severe weather occurrences. Additionally, it will be utilized to address other climate-related crises such as the rise in sea levels, migration, and displacement.
Despite the fact that COP27 had taken place, no one had pledged any money towards the fund. Nevertheless, there are still many aspects of the fund that need to be ironed out.
In order to address this, a transitional committee was established at Sharm el-Shaikh to work on the specifics and present their recommendations. The committee held multiple meetings throughout the year and put forth several suggestions.
✨SGI representatives at #COP28 are determined to contribute to realizing a sustainable future. Stay tuned for updates on events SGI is holding and attending along with other committed organizations working toward a greener, more sustainable world. We can all make a difference!🍃 pic.twitter.com/w4N7yxIGtm — Soka Gakkai Official (@sgi_info) December 1, 2023
The UAE, as the host of COP28, took immediate action and successfully persuaded developed nations to adopt the panel's suggestions. "The recent announcement on loss and damage provides a head start for governments at this UN climate conference, and negotiators should use it as a guide to achieve truly ambitious results in Dubai," stated Simon Stiell, the executive secretary of UNFCCC.
Al Jaber, the president of COP28 and the UAE's minister for industry and advanced technology, expressed his optimism, saying, "I am now more certain than ever that we will achieve an unparalleled outcome."
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