Home » COP28 President calls for “lasting, positive, socio-economic impact” at first board meeting for Loss and Damage Fund 

COP28 President calls for “lasting, positive, socio-economic impact” at first board meeting for Loss and Damage Fund 

by Madaline Dunn
Dr. Sultan bin Ahmed Al Jaber

At the ‘First Meeting of the Board of the Fund for responding to loss and damage,’ COP28 President and UAE Minister of Industry and Advanced Technology HE Dr. Sultan Al Jaber urged Parties to “build on progress” and deliver “lasting, positive, socio-economic impact” to help the most vulnerable to climate change. 

During his address, HE Dr Al Jaber outlined that while the agreement to operationalise the Fund at COP28 was a “huge breakthrough for climate progress” more now needs to be done. 

“Let’s make sure we build on that progress with a fully functioning fund. A Fund that is endorsed at COP29 in Baku, a Fund that is disbursing funds soon after and a Fund that delivers lasting, positive, socio-economic impact for decades to come,” said the COP28 President.

H.E Abdulla Balalaa, the Assistant Minister of Foreign Affairs for Energy and Sustainability and the UAE representative on the Board, commented: “Parties made history on the first day of COP28 by operationalizing the funding arrangements and Fund for loss and damage after 30 years. This outcome reflected global solidarity among all Parties to support developing countries that are particularly vulnerable.”

Adding: “The Board plays an important role in delivering on this mandate in an ambitious manner. We must leave this first meeting with strong foundations and an outcome we can all be proud of.” 

Members of the Board include representatives from developed countries, Asian-Pacific, African, Latin American and Caribbean states, and Small Island Developing States.

Further, a total of US$792 million has been pledged for loss and damage funding arrangements – of which US$662 million has been pledged to the Fund to date – including US$100 million from the UAE. 

“That was a good start. It is not enough,” HE Dr Al Jaber said. 

“I call on all Parties who can to come forward with concrete commitments. Let’s make this Fund robust, Let’s make this Fund efficient.” 

HE Dr Al Jaber noted that the Fund should help real people in vulnerable communities to recover from climate impacts.

Indeed, vulnerable communities are being hit by increased extreme weather events, such as storms and floods, reduced agricultural productivity, and rising sea levels. 

“It should build back those communities better, stronger and with more resilience. And it should improve lives and livelihoods for the long term.”

Last year’s decision to implement the Fund followed a series of transitional committee meetings in the run-up to COP28, including Transitional Committee Five, which was hosted in Abu Dhabi after preceding meetings had reached an impasse. 

You may also like  | About Us | Careers | Privacy & Policy

 © 2024 ESG Mena