COP28 starts positively, unveiling 'Loss and Damage Fund'

The 28th annual Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) kicked off in Dubai on November 30th with a historic announcement: the establishment of a long-awaited "Loss and Damage Fund."

The fund, which has been a key demand of developing countries for decades, is designed to help them cope with the irreversible harms caused by climate change, such as rising sea levels, extreme weather events, and loss of biodiversity. The initial commitments to the fund amount to nearly $250 million, with Germany and the United Arab Emirates each contributing $100 million.

This is a significant breakthrough, as it acknowledges the responsibility of developed nations for climate change and provides a much-needed source of support for vulnerable countries. However, the amount of funding is still far short of what is needed, and there is no guarantee that it will be enough to address the full extent of the losses and damages already being experienced by developing countries.

Other key developments from the first day of COP28 include:

A strong call from UN Secretary-General António Guterres for a "quantum leap" in climate action.
The launch of a new initiative aimed at accelerating the transition to clean energy.
A commitment from several countries to phase out the use of coal.

While these are all positive developments, there is still a long way to go before the world is on track to meet the goals of the Paris Agreement. The next two weeks will be crucial for determining whether COP28 can deliver the concrete action that is needed to avoid the worst impacts of climate change.

The establishment of the "Loss and Damage Fund" is a historic moment for climate justice. The fund will provide much-needed support for developing countries to cope with the irreversible harm caused by climate change. However, the amount of funding is still far short of what is needed. There is a long way to go before the world is on track to meet the goals of the Paris Agreement. The next two weeks of COP28 will be crucial for determining whether the conference can deliver the concrete action that is needed to avoid the worst impacts of climate change.

It is important to note that COP28 is still ongoing, and there are likely to be many more developments in the coming days. This article will be updated as new information becomes available.

[image credits: the hindu,jagran]