COP28 President urges Loss and Damage Fund to make lasting impacts
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Minister of Industry and Advanced Technology and COP28 President Dr. Sultan Al Jaber emphasized the importance of addressing climate change and its impacts at the 'First Meeting of the Board of the Fund for responding to loss and damage.'
During his address, Dr. Al Jaber urged Parties to "build on progress" and deliver "lasting, positive, socio-economic impact" to help the most vulnerable to climate change. He stressed the need for continued efforts, stating, "Let's make sure we build on that progress with a fully functioning fund."
Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability and the UAE representative on the Board echoed Dr. Al Jaber's sentiments, emphasizing the historic nature of the decision to operationalize the funding arrangements and Fund for loss and damage after 30 years.
The agreement to operationalize and capitalize the Fund, which will assist developing countries particularly vulnerable to the adverse effects of climate change, was passed on the first day of COP28.
A total of US$792 million has been pledged for loss and damage funding arrangements, including US$100 million from the UAE. Dr. Al Jaber stressed the need for additional commitments to strengthen the Fund.
He said, "That was a good start. It is not enough."
The Fund aims to help vulnerable communities recover from climate impacts, build resilience and improve lives and livelihoods for the long term.
Loss and damage remain essential, even with climate mitigation efforts, as vulnerable communities continue to be impacted by extreme weather events and other climate-related challenges.
The Board meeting, which took place in Abu Dhabi, included representatives from developed countries, Asian-Pacific, African, Latin American and Caribbean states, Small Island Developing States and least-developed countries.