Deal to operationalise Loss & Damage Fund at COP28

THE 28th Conference of Parties (COP28) had an auspicious start on Thursday achieving a major milestone - an agreement to operationalise Loss and Damage (L&D) Fund, which will be used to support developing countries, especially the vulnerable, to tide over the adverse effects of climate change.

- SV KRISHNA CHAITANYA

On Day 1, a cumulative $420 million was pledged by different countries.

The UAE, which is also one of the biggest oil and gas producing regions in the world, pledged $100 million to set the ball rolling. COP28 president Sultan Al Jaber, who is the UAE's Special Envoy for Climate Change, was in the eye of the storm days ahead of COP facing criticism of conflict of interest after leaked documents suggested the global climate event was being used by the UAE to strike business deals. Al Jaber vehemently refuted it. Now, this agreement will salvage some credibility.

At a press briefing, Al Jabar said the threshold to establish and operationalise the Loss and Damage Fund was $200 million, but an upward of $420 million was contributed by various countries.

THE fund was first decided during COP27, held in Sharm El Sheikh, Egypt, became operational on Thursday following the agreement reached by parties during five transitional committee meetings. The 5th transitional meeting hosted earlier this month in Abu Dhabi was added by the COP28 Presidency following the impasse reached at the 4th meeting.