COP 28 UNVEILS HISTORIC LOSS AND DAMAGE FUND IN CLIMATE SHOWDOWN OPENING
Dubai, United Arab Emirates, November 30, 2023 — The 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) launched today in Expo City Dubai, marking a pivotal moment in the global fight against climate change. According to the UN weather agency, 2023 is the hottest year on record.
The Loss and Damage Fund, a longstanding demand from developing nations grappling with the escalating costs of climate-related disasters, took center stage. Operationalizing this fund is a monumental stride towards climate justice, extending vital support to those on the frontline of climate change.
Within the first hour of this ground-breaking decision, pledges exceeding $420 million flooded in, underlining an unprecedented commitment to compensate vulnerable countries facing the ravages of climate change. Notable contributions include $100 million from the UAE, $100 million from Germany, $17.5 million from the United States, $10 million from Japan, and $75 million from the United Kingdom.
COP28 President Sultan al-Jaber set an assertive tone, urging nations and fossil fuel entities to unite in achieving global climate goals. A significant triumph unfolded as delegates adopted the new fund, addressing the urgent needs of nations grappling with climate-induced disasters.
UN Climate Change Executive Secretary Simon Stiell underscored the imperative for bold action, cautioning against the world's "baby steps" in the face of a planetary climate crisis. Stiell called for ambitious Nationally Determined Contributions (NDCs) aligned with the 1.5- degree Celsius goal set in the Paris Agreement.
UN Secretary-General Antonio Guterres welcomed the decision, stating, "Today's news on loss and damage gives this UN climate conference a running start. All governments and negotiators must use this momentum to deliver ambitious outcomes here in Dubai."
The COP28 presidency, helmed by Dr. Sultan Al Jaber, aspires to deliver ambitious, achievable, and substantial action, maintaining the 1.5-degree Celsius target. The inaugural Global Stocktake (GST) will evaluate progress since the adoption of the Paris Agreement, providing a roadmap for escalated climate action.
Under the theme #ClimateAction Unite. Act. Deliver., COP28 will address crucial issues, including the global stocktake and the reduction of fossil fuel usage. The conference will continue until December 12, 2023, featuring key events like the World Climate Action Summit, hosted by UAE President Sheikh Mohamed bin Zayed Al Nahyan, and the COP28 Business and Philanthropy Climate Forum, uniting over 1,000 CEOs and philanthropists.
As the Namibian pavilion, sponsored by entities such as Bank Windhoek, Capricorn Foundation, and UNDP, highlights collective efforts, COP28 stands as a critical juncture in shaping the global climate agenda.
The 28th session of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) is taking place in Dubai, United Arab Emirates, from November 30 to December 12, 2023. COP28 is a pivotal gathering where world leaders, negotiators, and stakeholders come together to address the pressing challenges of climate change and work towards collective solutions.
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Environmental Investment Fund of Namibia (EIF)
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