COP-28 achieves unprecedented milestones
The 28th session of the United Nations Framework Convention on Climate Change (COP-28) held in Dubai has yielded significant agreements, including the Loss and Damage Fund.
The United Arab Emirates, whose Minister of Industry and Advanced Technology Sultan Ahmed al-Jaber is the president of COP28, has reportedly pledged $100 million to the fund.
Germany also pledged $100 million, while the European Union committed to $245.39 million, Britain promised at least $51 million, the United States agreed to give $17.5 million and Japan $10 million, according to Reuters.
This comes is a positive development in closing the $18 trillion investment gap demands granular targets and private sector engagement.
Public Relations Officer at Botswana Climate Change Network (BCCN), told Botswana Guardian that this step is very key in mitigating climate change issues.
She is of the view that Multilateral banks must enhance financial access.
“Adaptation financing is crucial. Agreements on emissions from agriculture and renewable energy targets were made, which is impressive,” she said, adding that prioritising social equity in adaptation is vital and food companies can invest in climate-smart technologies.
About 118 countries aim to triple renewable power.
“Reducing methane emissions is a priority, feasible with current tech. The fund for abatement projects needs leveraging, technology support, and commercial viability emphasis. Collaboration is key to implement these crucial agreements effectively,” Marumo said.
COP28 President Dr. Sultan Al Jaber achieved a significant milestone by operationalising the Fund to aid climate-vulnerable developing nations, addressing 'loss and damage.'
The Fund, initially agreed upon during COP27 in Egypt, became operational following five transitional committee meetings. The UAE's commitment of $100 million inspired other nations to follow suit.
Dr. Al Jaber emphasised the rapid fulfillment of the Fund's promise from last year's COP, highlighting global unity. This action enables a focused response to the Global Stocktake, assessing progress towards Paris Agreement goals.
“The hard work of many people over many years, has been delivered in Dubai.” Dr. Al Jaber said on 30 November 2023, “the speed at which the world came together, to get this fund operationalised within one year since Parties agreed to it in Sharm El Sheikh is unprecedented.” Prior to COP28, BCNN launched the Pan-African 'Keep Your Promise Campaign' in Gaborone, which is a groundbreaking initiative that aims at ensuring nations uphold their commitments under the Paris Agreement. It highlights the need for global north countries to fulfil their promises and emphasises the importance of African nations taking leadership in climate accountability.
The campaign focuses on five key issues, including Global Stock Take, Just Transition, Corporate Climate Atrocities, Climate Financing Gap and Global Goal Adaptation. The COP28 conference began with a historic milestone, the establishment of the Loss and Damage fund after 30 years, championed by Small Islands, developing States, and Africa.