Bridging the climate gap

Focus on “loss and damage” fund recognises that climate change is not a uniform challenge

As the world inches closer to COP28, the urgency of addressing climate change becomes palpable in the preliminary talks dominated by the establishment of a “loss and damage” fund. The stakes are high, as around 70 ministers gathered in Abu Dhabi to lay the groundwork for what is deemed the most critical UN climate summit since the Paris Agreement in 2015.

The focus on the “loss and damage” fund recognises that climate change is not a uniform challenge. Vulnerable nations, often those with the least responsibility for greenhouse gas emissions, bear the disproportionate brunt of its impacts. The fund aims to redress this imbalance, providing financial assistance to nations grappling with the aftermath of climate-related events. However, the path to creating this dedicated fund is strewn with complexities. While last year’s COP27 talks in Egypt celebrated the agreement in principle, it was marred by hollow promises and lack of implementation. Preliminary talks this year grapple with crucial aspects like the fund’s structure, who benefits, who contributes, and the thorny issue of China’s involvement. The failure of the October negotiations to reach a consensus highlights the intricate geopolitical dynamics at play, particularly between the US and China. The reluctance of the US to contribute if China stands to benefit reflects the challenges of finding common ground in a global effort to combat climate change.

The debate on the management of the fund also reveals skepticism about utilising the World Bank, a longstanding institution with a mixed reputation. Questions arise about its suitability for crafting a mechanism that not only addresses climate impacts but in a way that aligns with sustainable development goals. In this pivotal moment, the world awaits decisive action from global leaders. The commentary from COP28 will echo far beyond the UAE and shape the trajectory of global efforts.

Published in The Express Tribune, November 3^rd, 2023.

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