COP28 President Dr. Sultan Al Jaber addressed the first board meeting for the Loss and Damage Fund on Tuesday, where he urged parties to ‘build on progress’ and deliver ‘lasting, positive, socio-economic impact’ to help the most vulnerable to climate change.
During his participation at the meeting, Al Jaber stated that while delivering an agreement to operationalize the Loss and Damage Fund at COP28 was a breakthrough for climate progress, more effort is crucial. “While it took over three decades to establish this fund, climate change has not stood still. Every region of the world is now vulnerable,” added Al Jaber.
Global solidarity and commitment
Abdulla Balalaa, assistant minister of foreign affairs for energy and sustainability and the UAE representative on the board, emphasized the historic nature of the agreement parties reached at COP28. He underscored the global solidarity among parties to support developing countries vulnerable to climate change. Moreover, he emphasized the board’s crucial role in implementing this mandate ambitiously. “We must leave this first meeting with strong foundations and an outcome we can all be proud of,” Balalaa stated.
The agreement to operationalize and capitalize the Loss and Damage Fund occurred on the first day of COP28. The fund aims to assist developing countries that are especially vulnerable to the impact of climate change. At COP28, countries pledged a total of $792 million for loss and damage funding arrangements. Of that amount, $662 million in pledges went to the fund, including $100 million from the UAE.
“That was a good start. It is not enough,” Dr. Al Jaber said. He also called on all parties to establish concrete commitments stating, “Let’s make this Fund robust; let’s make this Fund efficient.”
Building resilience and improving lives
COP28’s Loss and Damage Fund aims to support vulnerable communities in recovering from climate impacts. Moreover, it helps them build resilience and improve long-term livelihoods. Dr. Al Jaber emphasized the importance of making the Fund instrumental in enhancing the resilience of communities affected by climate change.
Moreover, Dr. Al Jaber highlighted the significance of last year’s decision to implement the fund, stating that it set a new pace in climate action. He emphasized the need for constant support for loss and damage, an issue that has been on the COP agenda since 1991.
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