A long-awaited damage fund intended to assist countries severely affected by the climate crisis and carbon emissions was ratified by international delegates attending COP28 in Dubai. Although the United States was able to secure funds on the first day of the summit, experts and advocacy groups were disappointed by the country’s relatively small contribution.
The decision was hailed as historic by COP28 President Sultan Al Jaber, who noted that it was the first time an agreement of this kind had been reached on the first day of a COP session.
Al Jaber declared, “We have delivered history today—a decision being adopted on the first day of any COP.”
At first, there was disagreement over the fund’s management by the World Bank, but everyone agreed to support it as long as the bank was given temporary supervision.
In times of need, this “fund will be a lifeline to people.”
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As soon as the initiative was formalised, a number of countries immediately committed financial support. Leading the way with $100 million each were the United Arab Emirates and Germany, with the United Kingdom contributing £60 million. The US, on the other hand, committed $17.5 million, which drew harsh criticism from experts and organisations who called it “disappointing” and “embarrassing” given the size of its economy.
The World Resources Institute’s president and CEO, Ani Dasgupta, underlined the fund’s importance as a vital source of support for communities hit by climate disasters.
“Those who are permanently displaced by rising seas will be able to relocate, and the loss and damage fund will be a lifeline to people in their darkest hour, helping families rebuild their homes after disaster strikes and supporting farmers when their crops are destroyed,” he said.
Dasgupta acknowledged the fund’s establishment and praised it, but he was concerned about the US and Japan’s insufficient contributions.
Power Shift Africa’s Mohamed Adow declared that the US contribution was insufficient, only a small portion of what was needed to meet the urgent needs. Given the dynamics within the Republican-controlled House of Representatives, experts highlighted the political pressures faced by the US delegation in light of the disparity in contributions, particularly the US’ noticeably smaller amount compared to other major donors.
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Tom Evans of E3G noted that the gift was cautiously referred to as a “climate impacts fund” by US officials, presumably in order to sidestep congressional opposition. He emphasised the difficulty in getting approval for such contributions, pointing to the challenges the US had in the past.
Why Sultan Al Jaber is appointed as the President of COP28
The controversy surrounding the summit intensified as the UAE came under fire for designating Al Jaber, the head of the country’s oil and gas company, to preside over the talks. Transparency was questioned, and given its energy interests, some questioned the UAE’s impartiality in presiding over the conference.
Despite these criticisms, Al Jaber promised transparency in the process and committed to maintaining it throughout the summit.
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