By: Oforiwa Darko
Parties to the 2023 UN Climate Change Conference have approved the COP28 Presidency’s Negotiations Agenda during the Opening Plenary of COP28. The agreement will see rich nations financially support developing countries who are affected by climate change-linked disasters.
At the official opening of COP 28 in Dubai, UAE, the COP 28 President, Dr Sultan Al Jaber noted that it is a landmark moment in the face of climate change, and a critical step in the right direction to set the path to supporting vulnerable countries financially.
“Let’s all strive to bridge the finance gap. We all know that a key success factor across climate agenda is finance. And for too long, finance has not been available, accessible or affordable. This presidency is committed to unlocking finance to ensure that the global south does not have to choose between development and climate action.”
“Since Paris [the Paris Accord], we have made some progress. But we also know that the road we have been on will not get us to our destination in time,” said Al Jaber, adding that the new road to protecting the climate “starts with a decision on the global stocktake”.
Addressing world leaders and delegates at COP 28 in Dubai, Dr Sultan Al Jaber called on world leaders to look for ways to ensure the inclusion of the role of fossil fuels.
“I know there are strong views about the idea of including language on fossil fuels and renewables in the negotiation texts.”
On the first say of COP 28, the UAE announced a commitment of $100 million (USD) to the capitalization of the Loss and Damage Fund, followed by Germany, announcing another commitment of $100 million (USD).
COP28 is expected to reach a concession on the Loss and Damage Fund.
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