The regional spokesperson for the U.S. Department of State, Samuel Warburg, has affirmed that negotiations on the Loss and Damage Fund will be finalised during the first week of the United Nations Climate Change Conference (COP28), which opened today at Expo City Dubai.
He also indicated that the United States believes it is time for every country to make national contributions and reach agreements related to the fund.
In comments to the Emirates News Agency (WAM) at COP28, Warburg stated, “COP28 presents a timely opportunity to finalize the ongoing negotiations on the fund that commenced following its introduction at the conclusion of COP27, the preceding climate conference held in Sharm El Sheikh, Egypt.”
He further mentioned that the ongoing session of the climate conference, COP28, carries remarkable significance in demonstrating the global efforts to combat climate change ever since the establishment of the Paris Agreement (COP21) in 2015 and the parties’ concurrence on the agreement’s stipulations in 2016. The Paris Agreement strives to considerably reduce global greenhouse gas emissions and restrict the global temperature increase during this century to two degrees Celsius, with an aspiration to limit the rise to 1.5 degrees Celsius.
Warburg commended the UAE’s participation in all climate change-related initiatives, noting that the United States is currently the largest single donor to assist developing countries in climate change mitigation efforts.
He also noted that the US participation in COP28 is witnessing significant momentum with the presence of Vice President Kamala Harris, US Special Presidential Envoy for Climate John Kerry, and several other US officials.
It is worth mentioning that the Loss and Damage Fund was established in principle during the climate conference COP27 to provide financial assistance to poor countries to help them face the negative consequences of climate change. The ongoing negotiations include agreements on the fund’s headquarters, financing mechanisms, and the eligible countries to benefit from the fund.
The Paris Agreement includes commitments from all countries to reduce emissions and work together to adapt to the effects of climate change. It provides an avenue for developed countries to assist developing countries in climate mitigation and adaptation efforts by establishing a transparent framework for monitoring and reporting countries’ climate objectives.
The Paris Agreement establishes two review processes, each occurring every five years. Each review process spans two years and encompasses three stages: data collection, data assessment, and a third stage expected to take place during COP28, which will involve disclosing the outcomes of the efforts made in addressing climate changes in accordance with the agreement’s provisions.
Implementing the agreement is essential to achieve sustainable development goals as it provides a roadmap for climate actions that can reduce emissions and build resilience to climate change.
