The United Nations Climate Change Conference COP28, hosted by the United Arab Emirates, has markedly differed from previous conferences, achieving significant breakthroughs from day one. This includes activating the Loss and Damage Fund, bolstering the hopes and ambitions of developing countries most affected by climate crisis repercussions.
As the world awaits the various outcomes of this unique summit, which has been characterized by unprecedented initiatives and financial pledges, developing countries are particularly hopeful that these outcomes will translate into practical mechanisms and their implementation on the ground, advancing the next phase of climate action.
In the final stages of the conference, developing nations anticipate outcomes that confirm the progress made in discussions and various initiatives.
Developing countries are also looking forward to increased funding for adaptation and mitigation paths, including necessary technology transfers and other tools. These topics have been widely discussed at COP28, where financing was a key priority, with significant positive breakthroughs.
A new United Nations fund proposed by developing countries is expected to provide at least $100 billion by 2030 to address irreversible climate change damages. This comes as nations prepare to discuss beneficiaries and financiers at the UN Climate Change Summit COP28.
According to the United Nations’ Adaptation Gap Report, developing countries need 10 to 18 times the currently available international funds, requiring $194 – $366 billion annually.
Mahmoud Mohieldin, the United Nations Special Envoy for the 2030 Agenda for Sustainable Development Financing, in a special talk with Sky News Arabia, noted that the positive and pleasant surprise was the implementation of what was concluded at the last minute at last year’s Sharm El Sheikh Summit COP27 in the first minutes of COP28, particularly regarding the activation of the Loss and Damage Fund.
COP28, the United Nations Climate Change Conference hosted by the United Arab Emirates, has significantly differed from previous conferences. It marked a positive start, particularly with early achievements like the activation of the Loss and Damage Fund, fueling hopes and ambitions of developing countries affected by climate change.
Mahmoud Mohieldin, the United Nations Special Envoy for the 2030 Agenda for Sustainable Development Financing, highlighted the ongoing work by the committee responsible for implementing and activating the fund. He noted the agreement on funding sources, spending methods, and the long-debated issue of the fund’s temporary hosting, focusing on its independence in terms of governance.
The Loss and Damage Fund aims to address urgent rescue matters for those suffering losses and damages due to severe weather changes and other natural disasters. This fund has seen promising financial pledges from several countries, totaling hundreds of millions, while the need is estimated at tens if not hundreds of billions, with initial loss estimates ranging between $100 to $200 billion annually.
Mohieldin emphasized that funding provided so far is to activate the fund administratively, making it operational with experts and specialists, and to regularly mobilize resources. He also mentioned other funds like the Green Climate Fund, which has rallied $13 billion in pledges from 30 countries.