COP28 President addresses historic first Board meeting for Loss and Damage Fund

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

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

The COP28 President said, “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.”

Loss and damage was first put on the COP agenda in 1991 and that “while it took over three decades to establish this Fund, climate change has not stood still. Every region of the world is now vulnerable…the impacts of climate change are a clear and present danger to lives and livelihoods everywhere.”

Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability and the UAE representative on the Board, said, “Parties made history on the first day of COP28 by operationalising 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. 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.”

The agreement to operationalise and capitalise the Fund, which will assist developing countries who are particularly vulnerable to the adverse effects of climate change, was passed on the first day of COP28 – the first time such a substantive decision had been made on the first day of a COP.

A total of USD 792 million has been pledged for loss and damage funding arrangements – of which USD 662 million has been pledged to the Fund to date – including USD 100 million from the UAE.

“That was a good start. It is not enough,” 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.”

The Fund “should help real people in vulnerable communities to recover from climate impacts,” he stated. “It should build back those communities better, stronger and with more resilience. And it should improve lives and livelihoods for the long term.”

“Along with the UAE Consensus, the decision on loss and damage was a huge breakthrough for climate progress,” Al Jaber declared and “set a new pace in climate action”, with support for loss and damage having been on the COP agenda since 1991.

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.

Loss and damage is essential even if the world meets climate mitigation goals because current levels of warming already significantly impact particularly vulnerable communities. These groups are being hit by increased extreme weather events, such as storms and floods, reduced agricultural productivity, and rising sea levels.

The Board meeting was held today and took place in Abu Dhabi. Board members represent a diverse range of nations and experiences of the impact of climate change. The Board members include representatives from developed countries, Asian-Pacific, African, Latin American and Caribbean states, Small Island Developing States, and least-developed countries.