By Janet Ekstract
ISTANBUL- The two-week U.N. climate summit COP28 opened on Thursday in Dubai, United Arab Emirates (UAE) with the approval of the Loss and Damage Fund which will help the world’s poorest countries hit by climate disaster by providing funds for a wide range of damage including crop yield and infrastructure. Hailed as a historic breakthrough, world leaders lauded its approval as a major step in the right direction on climate action. Rich countries pledged $450 million for the fund and both the UAE and Germany pledged $100 million to the startup fund whose goal is to balance rising costs caused by extreme weather and slow-onset disasters that include rising sea levels, ocean acidification and melting glaciers. The EU will pledge $245 million along with $75 million from the UK, $24,500 million from the U.S. and $10 million from Japan. As Germany’s Development Minister Svenja Schulze commented: “Germany and the United Arab Emirates are jointly leading the way. At the same time, we are jointly calling on all countries that are willing and able to make contributions of their own to the new fund responding to loss and damage. In this way, we are building bridges between traditional donor countries and new, non-traditional donors. After all, many countries that were still developing countries 30 years ago, can now afford shouldering their share of responsibility for global climate-related loss and damage. ”Though the Loss and Damage Fund is a major coup for the climate summit, controversy remains regarding its sustainability which some climate analysts have questioned.
Meanwhile, the President-Designate for COP28 Sultan Al Jaber, president of ADNOC, a low cost, lower carbon oil and gas producer of a United Arab Emirates state oil company is himself controversial for his views on oil and gas. Al Jaber told the summit that a phase out of fossil fuels will return humans to caveman days and said a phaseout of fossil fuels hampers sustainable development. Many analysts sounded the alarm after Al Jaber’s remarks while scientists label his statements “incredibly concerning” and “verging on climate denial.” In addition, Executive Secretary to the United Nations Framework Convention On Climate Change (UNFCCC) Simon Stiell remarked: “Today’s news on loss and damage gives this UN climate conference a running start on governments, and their negotiators must use this as a mentor to deliver truly ambitious outcomes here in Dubai. We must keep our eyes on the prize and every minute counts.” Al Jaber added: “I am more confident than ever that we will deliver an unprecedented result.”
