COP28 (12/1): Billions needed. Millions offered
On COP's first day, a Loss and Damage Fund is announced.
Link of the day: “First cash pledged for countries devastated by climate change: COP28 starts with historic decision” (Nature)
Gary Payton writes:
Opening COP28 on Day 1 (Thursday) with announcement of a critical Loss and Damage Fund seems intended to inject early momentum into the negotiations. For decades developed nations resisted calls from the most climate-vulnerable countries (think Barbados, or Kiribati, or the Maldives) to provide financing to address the damage of sudden events like hurricanes or slow moving impacts such as rising sea levels. Last year's COP approved the concept of the fund, and Thursday the fund was approved. Rapidly nations pledged $420 million with more to follow as the conference continues. It's only a beginning against the billions needed to meet accumulated climate damage and adapt local infrastructure. Mistrust abounds among the developing states based on years of unfulfilled financial promises. But, for now, a Loss and Damage Fund is moving forward. May this action be a harbinger of other advances at COP28.