Victory for Developing Nations: Climate Funding Finally Granted after 30 Years at COP28

Delegates at COP28 have made a surprising decision to launch a fund to financially support countries affected by climate-related storms and droughts. Normally, such deals are only sealed after days of negotiations, but COP28 president Sultan al-Jaber brought the decision to the floor on the first day. The EU, UK, US, and other countries immediately pledged around $400 million to support poor nations grappling with the impacts of climate change. This agreement is expected to create momentum for a broader and ambitious climate action agreement during the summit. Prior to this decision, UN Secretary-General António Guterres warned that the world is currently witnessing the real-time collapse of the climate, emphasizing that 2023 is likely to be the hottest year on record. The fund agreement, which addresses the concept of "loss and damage," received a positive response from conference participants, including sustained applause. This move by the United Arab Emirates (UAE) was seen as a strategic opening for the conference, especially given recent criticisms of the UAE's plans to discuss fossil fuel deals with several nations. The fund will provide financial support for countries impacted by climate-related weather events, which has long been neglected despite funding for climate adaptation and emission reduction efforts. The idea of creating such a fund was introduced in the 1990s, but it faced resistance from wealthier countries concerned about being held accountable for historic carbon emissions. However, at COP27 in Egypt last year, the moral argument in favor of the fund prevailed and a consensus was reached to establish it. Over the past year, countries debated the fund's rules, location, and contribution responsibilities, leading to a tentative agreement ahead of the Dubai conference. Normally, such agreements would undergo detailed examination and potential arguments during plenary sessions at the end of COPs. However, Mr. Jaber stated that "we have delivered history today" as the motion passed without opposition. The UAE immediately pledged $100 million, while Germany made a similar commitment. The US declared it would contribute $17 million pending congressional approval, stressing that its payment did not imply acceptance of the fund as reparations for historical emissions. The UK also promised £60 million to the fund. Although campaigners viewed this as a small step in the right direction, they emphasized that more substantial and genuinely new financial commitments are required.