The 28th Conference of the Parties (COP28) in Dubai is starting with unexpected momentum. A historic agreement, long awaited and finally achieved, has just marked the first day of this crucial international meeting for the climate future.
The adoption of a framework for the fund “loss and damage” linked to climate change, a hot topic on the global agenda, surprised and gave hope.
The “loss and damage” fund: A long-awaited agreement
Representatives from 198 states approved the creation of a fund dedicated to managing loss and damage caused by climate change.
This agreement, the result of intense negotiations, underlines the need for financial compensation for the countries of the South, less responsible but more affected by climate change.
However, the financial requirements appear to be colossal to meet this commitment. The first funding promises, although significant, do not yet cover these needs.
Innovative ideas such as redirecting fossil fuel subsidies and applying the polluter pays principle are emerging as potential solutions.
The World Bank, a temporary manager of the fund
For a period of four years starting in 2024, the World Bank will manage this fund.
This decision, while being a compromise, paves the way for voluntary contributions from rich countries, a key element for the success of the fund.
Although some parties have expressed reservations, this arrangement represents a significant step towards fairer and more effective climate action.
Voluntary contributions as a solution?
A notable feature of the agreement is the solicitation of voluntary contributions from industrialized countries, thereby recognizing their historical responsibility for greenhouse gas emissions.
This flexible approach also allows other countries, including emerging countries, to voluntarily participate in financing the fund.
COP 28: A step forward, but still a long way to go
The first day of COP28 in Dubai certainly brought a pleasant surprise, but there is still much to do.
The future of the Loss and Damage Fund, while promising, will depend on the continued commitment and cooperation of the international community. With a good start, hope is reborn for more equitable and effective climate action.
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