As COP28 Marks Early Success In Loss And Damage, Focus Shifts To Stocktake

Loss and damage funds are intended for countries disproportionately affected by climate-related disasters, such as rising sea levels and floods. Countries agreed on the principle of such a fund at COP27 in Egypt last year, but left several questions open, including who would pay.

The ongoing COP28 Summit in the UAE recorded a historic deal on paying for climate disasters on the first day of the event. The international community has been urged to “channel this momentum” through the rest of the two-week conference.

Success In Loss And Damage “Great Way” To Start COP28

The consensus view from campaigners was that an agreement was welcome after long negotiations but that work at the Dubai event was “far from over” – with some issues still outstanding on loss and damage and focus now shifting to fossil fuels and other topics.

Rachel Cleetus, a lobbyist for the Union of Concerned Scientists campaigning for funding for countries in need, said the deal marked a “significant step forward”, noting this sets a tone of “goodwill and trust” for the talks in the UAE, according to The National.

COP28 President Sultan Al Jaber, also the Emirates’ Minister of Industry and Advanced Technology, described the loss and damage deal as a “historic decision”, while US negotiator John Kerry said it was a “great way to start this COP”.

Now, activists expect rich countries to start pledging money to the fund. The UAE immediately offered $100 million, with the UK putting in $75 million. Despite welcoming the “rapid adoption” of the text, the Alliance of Small Island States said “the work is far from over”.

Discussions On First Global Stocktake Set To Begin Today

Following the early success, the stakes are now high for the rest of the Summit as countries discuss how to limit the climate crisis in the first place so that loss and damage is never needed. Next to the fund, the other key item on the agenda is the first “global stocktake”.

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Discussions on the stocktake of how the international community has been performing in meeting the Paris Agreement goal of slowing global warming to 1.5 degrees Celsius above pre-industrial levels will became on Friday, the second day of the event.