Today's Edition
Shaban Bilal (Cairo)
The United Arab Emirates’ hosting of the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28) in November presents a significant opportunity to establish executive mechanisms for the Loss and Damage Fund, which was announced during the conference’s previous edition held in Sharm El Sheikh. This year’s conference will focus on creating opportunities for sustainable economic and social growth, experts told Aletihad.
Climate and sustainable development expert, Dr. Mohammed Dawood, views the establishment of the Loss and Damage Fund as a crucial step toward advancing funding for impoverished and developing countries to mitigate the impact of climate change. “Governments have agreed to form a transitional committee to make recommendations regarding the implementation of arrangements related to new funding at the upcoming COP28 in the UAE,» Dawood said.
The “loss and damage” issue was first raised in 1991 by the Alliance of Small Island States (AOSIS) during climate negotiations in Geneva. Their goal was to develop a plan to secure these islands against rising sea levels and have major industrialised nations contribute to the costs of this protection.
During the COP27 summit in Sharm El Sheikh, some European Union countries softened their stance during conference’s the final days, paving the way for an agreement.
Dawood stated that the organising committee for COP28 intends to continue efforts to launch workshops and committee meetings responsible for activating and operating the Loss and Damage Fund.
These discussions aim to provide details on beneficiary countries, identify priorities, and secure funding sources. The initial disbursements from this fund are expected to commence in early 2025.
Climate and water resources expert Dr. Osama Salam explained that the Loss and Damage Fund is designed to assist developing and impoverished countries affected by climate change impacts, such as floods, droughts, and rising sea levels.
After the launch of the Loss and Damage fund in 2022, Salam said that COP28 now offers an opportunity to establish its executive mechanisms. These include defining funding sources, which encompass contributions from developed countries, taxes on climate-changing activities, and donations from the private sector. Mechanisms for distribution should be fair and efficient, he added.
Climate experts stress the need to develop a framework for fund requests, specifying criteria and procedures for affected countries to obtain funding. COP28 also presents an opportunity to raise awareness about the Fund’s importance, with participating nations urged to conduct awareness campaigns and events.
