A wave of anticipation swept through global leaders gathered in Dubai for the U.N. climate conference as they set their sights on an early triumph—a much-anticipated climate damage fund. The opening day aims to secure a pivotal victory before delving into contentious debates on fossil fuels and other pressing issues.
Governments brace for marathon negotiations, contemplating the historic decision to phase out the world’s reliance on CO2-emitting coal, oil, and gas—the primary culprits behind escalating warming emissions. As finance looms large on the agenda, the United Arab Emirates’ COP28 presidency boldly presented a proposal on the summit’s eve. The proposition suggests formal adoption of a groundbreaking U.N. fund framework, intended to cover losses and damages in impoverished countries grappling with climate disasters, from extreme flooding to persistent drought.
An early consensus on the damage fund, a long-standing demand from poorer nations, could pave the way for broader compromises throughout the two-week summit. Diplomats express optimism for swift approval of the draft deal, cautioning against objections as potentially “opening Pandora’s box.” The meticulously crafted deal, born out of months of rigorous negotiations between affluent and developing nations, stands at the brink of realization.
Establishing the fund marks the initiation of pledges from wealthy nations, with Germany, Denmark, and the Netherlands poised to announce contributions in the coming days, according to European diplomats. While the European Union commits to a “substantial” contribution, it urges economic powerhouses like China and the UAE to step up. EU Climate Commissioner Wopke Hoekstra emphasizes, “Everyone with the ability to pay should contribute,” echoing the evolving landscape of 2023.
Adnan Amin, CEO of COP28, anticipates securing several hundred million U.S. dollars for the climate disaster fund during the event. As expectations mount, Samoa’s Ambassador to Europe, Pa’olelei Luteru, emphasizes the urgency to adequately finance the fund to alleviate the burden on vulnerable communities.
The summit unveils a rift between European nations and climate-vulnerable states advocating for a clean energy shift, and oil and gas producers striving to maintain the status quo. Developing countries grapple with the dilemma of forsaking fossil fuels, seen as vital for economic growth.
A pivotal aspect of this year’s summit involves countries scrutinizing their progress in achieving global climate goals, notably the Paris Agreement’s ambition to limit global warming to well below 2 degrees Celsius. The global stocktake, a high-stakes evaluation, aims to chart a path forward for nations to collectively combat climate change.
As the curtain rises on COP28, the global community holds its breath, anticipating groundbreaking decisions that could shape the future of our planet. Stay tuned for updates on the unfolding drama and the pursuit of climate resilience on the world stage. Dubai, Nov 30 (Reuters)
