COP-28: The biggest decision taken so far in the climate change conference, know what

UN climate talks in Dubai have got off to a strong start. During this period, one of the biggest decisions was taken during COP-28. Various countries quickly reached an agreement on compensating developing and poor countries who have borne the brunt of the climate crisis despite having contributed less to it. The agreement on the operation of the Loss and Damage Fund reached on the first day of COP-28 sets the stage for ambitious decisions over the next 12 days. At last year’s COP27 held in Sharm el-Sheikh, Egypt, rich countries agreed to set up a loss and damage fund. However, decisions regarding fund allocation, beneficiaries and implementation were referred to a committee.

The differences between the countries were so serious that additional meetings were required to resolve the issues. A draft agreement was reached earlier this month and a revised memorandum of understanding was released a day earlier. It asked developed countries to contribute to the fund. It also said that other countries and private parties can contribute. The agreement states that allocations will prioritize countries most at risk from climate change but that any climate-affected community or country is eligible. Developing countries wanted a new and independent entity to host the Fund and reluctantly accepted the World Bank. Soon after the decision to launch this fund, the United Arab Emirates and Germany announced that they would contribute US$100 million to this fund.

Rich countries are putting pressure on the World Bank

“Amidst the historic decision to launch the Loss and Damage Fund within a year of its inception, it becomes important to address the underlying concerns,” said Harjit Singh, head of global political strategy at Climate Action Network International. “On the one hand, rich countries have put pressure on the World Bank to host this fund under the guise of ensuring a rapid response,” he said. “On the contrary, they have attempted to minimize their financial obligations and have resisted defining clear finance mobilization scales,” said Iskandar Erzini Vernoit, a researcher at the independent climate change think tank E3G. No, but it’s a start. This is a small step towards helping communities in developing countries who are already suffering the effects. (Language)

Read also