COP28 opens with anticipation for a climate damage fund deal

The COP28 United Nations Climate Change Conference launches today with a strong call for intensifying joint efforts to combat climate change as the countries aim for a swift deal on a new fund to pay for climate-caused damages.

As the expected delegates arrive in Dubai, governments are preparing for intense talks on whether to finally agree to phase out the world’s use of coal, oil, and gas that emit CO2 emissions.

The United Arab Emirates, in its role as COP28 president, put forth a proposal for nations to adopt a new U.N. climate damage fund, which has instilled hope among some delegates that this could be one of the earliest agreements to be reached in Dubai, given the high priority of financial matters on the meeting’s agenda.

The negotiated draft deal, crafted over months by representatives, proposes the establishment of a fund that aims to help vulnerable countries cope with the cost of climate-driven damage, including droughts, floods, and rising sea levels.

The fund would open the way for rich countries to donate, and countries such as Germany, Denmark, and the Netherlands are anticipated to announce their contributions at the beginning of the COP, according to European diplomats who spoke to Reuters.

While the European Union has committed to giving a “significant” sum of money, it urges countries that have recently experienced economic growth, such as China and the United Arab Emirates, to act similarly.

According to Reuters, Adnan Amin, the chief executive of the COP28 summit, said that the goal was to raise several hundred million U.S. dollars for the fund to address climate damage during the event. He also added that he was “hopeful” that the UAE  would make a contribution.