COP28 Approaches, Deadlock Persists Over ‘Loss and Damage’ Fund Design

COP28 Approaches, Deadlock Persists Over ‘Loss and Damage’ Fund Design

As COP28 in Dubai swiftly approaches, countries remain embroiled in a contentious deadlock concerning the formation of a fund aimed at aiding nations in their recovery and reconstruction efforts following climate change-induced damage. The committee responsible for designing the “loss and damage” fund, comprising two dozen countries, concluded its latest meeting in Aswan, Egypt, in the early hours of Saturday, leaving critical issues unresolved. Disagreements persist between developing and developed nations, particularly regarding the entity responsible for overseeing the fund, financial contributors, and the eligibility criteria for receiving funding.

The fund’s establishment marks a significant achievement after its agreement at COP27 in Sharm El Sheikh, Egypt, last year. It represents the first United Nations fund dedicated to addressing the irreparable damage caused by climate-related events such as droughts, floods, and rising sea levels.

In an effort to address these ongoing challenges and foster consensus, the committee has decided to convene once more in Abu Dhabi on November 3, a month ahead of the commencement of the COP28 UN summit in Dubai, scheduled to begin on November 30. This additional meeting will be instrumental in bridging the existing divisions among nations and has the potential to set the tone for the upcoming two-week climate negotiations.

As the countdown to COP28 continues, the world will closely watch the outcomes of these discussions, as they are integral to the global response to climate change and its consequences.

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