ISLAMABAD: World leaders from Developed and developing countries at the U.N.’s COP28 climate summit being opened on Thursday would attend the mega event with a hope to clinch an early deal on a new fund to pay for climate-caused damage, with a focus to muster some political goodwill before the talks turn to divisive topics including the future of fossil fuels.
About 70,000 delegates and officials are expected to attend COP28 descend on the gleaming Emirati city of Dubai, where different governments are all set to opt for marathon negotiations on whether to agree, for the first time, to phase out the world’s use of CO2-emitting coal, oil and gas.
Climate Change, Climate Damage Fund.
Earlier on the eve of the summit, the United Arab Emirates’ COP28 presidency published a proposal for countries to adopt a new U.N. climate damage fund – raising hopes among some dignitaries that this could be among the first deals struck in Dubai.
The draft deal, which representatives from both the developed and developing countries painstakingly crafted during months-long negotiations this year, would launch a fund to support vulnerable nations handle the cost of climate-driven damage from drought, floods and threats of rising seas.
Impact of COP28 Summit
Some of the delegates remarked that they were hopeful it would pass without objections. “Opening these negotiations is like opening Pandora’s box. And that wouldn’t be useful for anyone,” one of the delegate told Reuters.
European diplomats were of the view that setting up the fund would make it easy for rich countries to put money into it – with leaders from nations including Germany, Netherlands and Denmark expected to announce contributions early in the COP.
The European Union has pledged a significant contribution, however expected more contributions from the economies being recently boomed including UAE and China.
“Everyone with the ability to pay should contribute,” said EU Climate Commissioner Wopke Hoekstra.
CEO of the COP28 summit, Adnan Amin told Reuters that the event has the purpose to secure several hundred million U.S. dollars for the climate damage fund adding that UAE would hopefully make a contribution as well.
Developing countries are hopeful for a decent climate damage fund, which could help them grease the wheels for other compromises.
