COP28 Daily Diary: In Historic Decision, Delegates Agree On Loss And Damage Fund

UAE, the host country, and Germany pledged US$100 million each for the Fund, while the UK and the US committed US$76 million and US$17.5 million respectively.

– It’s been agreed that the Fund will have “at least” US$100 billion in annual accruals by 2030 and the World Bank will be its interim host for four years. All developing countries can directly access the money.

– India’s Environment Minister Bhupender Yadav termed the creation of the Fund a “positive signal”. “A positive signal of momentum from COP28 in UAE on the first day itself. Landmark decision on operationalisation of the Loss and Damage Fund was adopted in the opening plenary of COP28. India strongly supports the decision to operationalise the Loss and Damage Fund,” he tweeted.

– Earlier in the day, Yadav outlined India’s expectation from the climate summit. Speaking at the opening ceremony of the Indian Pavilion at COP28, he said the Loss and Damage Fund was one of the key focus areas for India. The other are: climate finance and issues related to nationally determined contributions to reduce emissions.

– The climate summit was officially opened by COP28 President Sultan Al Jaber, who is also the CEO of the state-run Abu Dhabi National Oil Co (Adnoc). He was handed over a tiny hammer, which is the symbol of his presidency.

– In his opening remarks, Al Jaber appeared to make a case for oil companies, urging delegates to “work together”. Reuters quoted him as saying that there were “strong views about the idea of including language on fossil fuels and renewables in the negotiated text ... I ask you to work together.”

“Colleagues, let history reflect the fact that this is the Presidency that made a bold choice to proactively engage with oil and gas companies,” Jaber said. “We had many hard discussions. Let me tell you, it wasn’t easy.”

– In a statement before flying out to Dubai for the summit, Prime Minister Narendra Modi said India has “walked the talk” on climate action and added that climate was “high on our priority” even during India’s G20 Presidency.

He highlighted the Global South’s demand for climate action based on the principles of equity, climate justice, and common but differentiated responsibilities. “It is important that efforts of the developing world be supported with adequate climate financing and technology transfer. They must have access to equitable carbon and development space to achieve sustainable development,” he said.

– UN Secretary-General Antonio Guterres said during the opening of the summit that 2023 will be the hottest year on record. “We are living through climate collapse in real time,” he told the delegates, adding, “Record global heating should send shivers down the spines of world leaders. And it should trigger them to act.”

Ahead of his speech, he tweeted, “A full month before the end of the year, the data already points to 2023 being the hottest year recorded in human history. Today’s State of the Global Climate report shows we’re in deep trouble. Leaders must get us out of it – starting at #COP28.”