In marking a historic development in the global fight against climate change, delegates at the ongoing COP 28 in Dubai have adopted the operationalisation of the Loss and Damage Fund.
The concept of Loss and Damage was introduced in the previous conference, COP27, held in Egypt. It was here that the establishment of a fund dedicated to addressing this issue was first proposed and agreed upon.
This marked a significant shift in the global approach to climate change, acknowledging not just the need for prevention but also compensation for the unavoidable impacts.
The decision to operationalise the fund signifies a major step forward in the implementation of this innovative approach.
This is not just about acknowledging the impacts of climate change, but also about taking concrete steps to address them.
The decision means that the fund will now be put into practical use, providing financial support to countries and communities suffering from the impacts of climate change.
Speaking on this development, COP28 President Sultan Al Jaber said, “We’ve delivered history today. The first time a decision has been adopted on day 1 of any COP. And the speed in which we have done so is also historic.”
He said this demonstrates the hard work of so many, particularly members of the transitional committee who worked tirelessly to get us to this point.
“This is evidence that we can deliver. COP28 can deliver. And colleagues, this now sets a clear ambition for us to deliver a comprehensive GST decision over the next 12 days,” he added.
The fund is meant to cater to countries that are vulnerable and have suffered catastrophic damages resulting from climate change.
By Dare Akogun
