As we prepare for the United Nations Framework Convention on Climate Change (UNFCCC) COP28 in Dubai, developing countries are looking forward to crucial decisions regarding the establishment of the ‘loss and damage fund’. The fund was agreed upon at COP27 under Pakistan’s leadership within the G77, acknowledging that developing countries bear the brunt of irreversible climate change damages.
The operationalization of the fund is critical for climate vulnerable countries like Pakistan. The committee navigated difficult issues relating to the fund, including its hosting, governance structure, financial responsibilities, and eligibility for receiving funds. It was decided that the World Bank would host the fund for the first four years, with guarantees that it would eventually become independent.
Disagreements remain on the distribution of financial responsibilities, with developing countries seeking contributions from ‘developed’ nations according to the 1992 UNFCCC classification. COP28 will be crucial in making key decisions on the fund’s operationalization, with implications for global climate finance and resilience efforts.
It is essential that COP28 ensures the fund serves its purpose efficiently and equitably, providing vital support in the wake of climate calamities. The decisions made in Dubai will have lasting impacts for countries like Pakistan, shaping a future where resilience and climate justice are a reality.
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