COP28 starts with a victory for the climate disaster fund

The UN climate summit scored an early victory Thursday, as delegates approved a new fund to help poor nations cope with costly climate disasters.

The president of the COP28Sultan al-Jaber said the decision sends a “positive sign of momentum to the world and our work here in Dubai”.

By establishing the fund on the first day of the two-week conference, delegates opened the door for governments to announce contributions.

And several did, starting a series of small pledges that countries hope will turn into a substantial sum, including $100 million from COP28 host United Arab Emirates, another $100 million from Germany, at least $51 million from United Kingdom, 17.5 million from the United States and 10 million from Japan.

This initial advance in the damage fund, which the poorest countries had been demanding for years, could help oil the wheels of other commitments.

However, some groups were cautious, noting that there are still issues to be resolved, such as funding the fund in the future.

“The absence of a defined replenishment cycle raises serious questions about the long-term sustainability of the fund” said Harjeet Singh of Climate Action Network International. “The onus now falls on rich nations to meet their financial obligations commensurate with their role in the climate crisis.”.

Adnan Amin, director general of COP28, told Reuters this month that the goal was to raise several hundred million dollars for the fund during the event.

Pope Francis, who was forced to cancel his trip to the COP28 due to illness, he sent a message on social network X: “May the participants in #COP28 be strategists who focus on the common good and the future of their children, rather than the vested interests of certain countries or companies. Let them demonstrate the nobility of politics and not its shame”.

A role for fossil fuels

Earlier, Jaber opened the summit by urging countries and fossil fuel companies to work together to achieve global climate goals.

Governments are preparing for marathon negotiations on whether to agree, for the first time, to phase out the global use of coal, oil and gas, the main source of global warming emissions.

Jaber, who is also CEO of the United Arab Emirates’ national oil company ADNOC, tried to strike a conciliatory tone after months of criticism over his appointment to head COP28.

He acknowledged that there are “strong opinions on the idea of ​​including language on fossil and renewable fuels in the negotiated text (…) I ask that we work together”.

“It is essential that no issue is left off the table. And yes, as I have been saying, we must look for ways and ensure the inclusion of the role of fossil fuels”he added.

Likewise, he praised his country’s decision to “proactively engage” with fossil fuel companies, noting that many national oil companies had adopted net-zero emissions targets by 2050.

“I am grateful that you have joined this game-changing journey”Jaber declared. “But I must say that it is not enough, and I know that they can do much more”.

Another of the summit’s main tasks will be for countries to evaluate their progress in meeting global climate goals, especially the Paris Agreement’s goal of limiting global warming to less than 2 degrees Celsius.

This process, known as the global stocktake, should result in a high-level plan that tells countries what they need to do.