DUBAI:

In a landmark achievement, COP28 President Dr. Sultan Al Jaber today announced the operationalization of the Fund for Loss and Damage, a critical step towards addressing the devastating impacts of climate change on vulnerable communities around the world.

The Fund, established at COP27 in Sharm El-Sheikh, Egypt, will provide financial assistance to developing countries that are particularly vulnerable to the adverse effects of climate change, such as extreme weather events, rising sea levels, and reduced agricultural productivity.

“This is a momentous occasion,” said Dr. Al Jaber. “The operationalization of the Loss and Damage Fund is a testament to the unwavering commitment of the international community to support those most affected by climate change.”

The Fund’s operationalization is the culmination of five transitional committee meetings held throughout the year, where parties worked diligently to finalize the Fund’s structure and governance. The UAE played a pivotal role in facilitating these discussions and ensuring the Fund’s timely implementation.

To further demonstrate its commitment, the UAE pledged $100 million to the Fund, paving the way for other nations to make significant contributions. Germany, the United Kingdom, Japan, and the United States also made notable pledges, demonstrating a growing global consensus on the need for urgent action on Loss and Damage.

“The Loss and Damage Fund is not just about providing financial assistance,” explained Dr. Al Jaber. “It is about recognizing the immense suffering caused by climate change and taking concrete steps to help those most in need. It is about sending a message of hope and solidarity to those on the frontlines of the climate crisis.”

With the Fund now operational, the COP28 Presidency will focus on galvanizing international cooperation to deliver the strongest possible response to the Global Stocktake, the comprehensive assessment of progress towards the Paris Agreement goals.

“The Global Stocktake will provide a clear roadmap for the next phase of climate action,” said Dr. Al Jaber. “We must seize this opportunity to accelerate progress and ensure that we leave no one behind in the transition to a low-carbon, resilient future.”

The COP28 Presidency is committed to working with all parties to deliver a meaningful and impactful outcome from COP28, one that will set the world on a path to a more sustainable and equitable future for all.

(Climate Journalist)