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https://www.theguardian.com/environment/2023/nov/30/agreement-on-loss-and-damage-deal-expected-on-first-day-of-cop28-talks>
"A landmark deal to help the world’s poorest and most vulnerable countries pay
for the irreversible impacts of climate disaster was agreed on the first day of
the Cop28 UN summit.
The agreement was met with a standing ovation from delegates.
Host country UAE and Germany both pledged $100m (£79m) to the loss and damage
startup fund, which will aim to keep up with the rising costs caused by extreme
weather and slow-onset disasters such as sea level rise, ocean acidification
and melting glaciers.
Germany’s development minister, Svenja Schulze, said: “Germany and the United
Arab Emirates are jointly leading the way. At the same time, we are jointly
calling on all countries that are willing and able to make contributions of
their own to the new fund responding to loss and damage. In this way, we are
building bridges between traditional donor countries and new, non-traditional
donors. After all, many countries that were still developing countries 30 years
ago can now afford shouldering their share of responsibility for global
climate-related loss and damage.”
The initial funding is close to US$429m. €225m ($245m) will come from the EU,
including US$100m from Germany. There is also £60m ($75m) from the UK, $24.5m
from the US and $10m from Japan. The funding will be a much-needed boost for
the agreement, as the loss and damage resolution does not mention scale or the
replenishment cycle, which climate justice advocates say raises questions about
the fund’s long-term sustainability.
The UAE is likely to see this as a major win for its presidency, as the
two-week climate conference kicks off amid controversy over the country’s oil
and gas expansion plans. Adnoc, the UAE national oil company, boasted $802m in
net profits last year – a 33% rise from 2021. Sultan Al Jaber is president of
both Cop28 and Adnoc."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
