Countries participating in the United Nations Climate Change Conference (COP28), which kicks off today, Thursday, hope to reach an early agreement on establishing a new fund to cover climate-related damage costs. The aim is to gather some political goodwill before discussions shift to contentious topics, including the future of fossil fuels. With 70,000 delegates expected to attend the conference hosted in Dubai, governments are preparing for marathon negotiations on whether to agree, for the first time, to phase out global use of coal, oil, and gas—fuels that are the primary contributors to climate change due to the carbon dioxide they emit.
As financing also tops the conference agenda, the Emirati presidency of the conference released a proposal last night to adopt a new United Nations fund for climate damage, enhancing hopes among some delegates that this could be one of the first agreements reached in Dubai. The draft proposal, shaped by representatives from both developed and developing countries during negotiations that took place over several months this year, aims to create a fund to assist vulnerable nations in addressing the costs of climate damage such as droughts, floods, and rising sea levels.
Some diplomats have expressed hope that it will be adopted without objections. One stated, "Opening these negotiations is like opening a Pandora's box. This will not be beneficial for anyone." European diplomats told Reuters that creating the fund would pave the way for wealthier nations to contribute financial resources, with leaders from Germany, Denmark, and the Netherlands expected to announce their contributions early in the conference.
The European Union has committed to making a "significant" contribution but wants countries that have prospered economically in recent decades, such as China and the UAE, to follow suit. The EU climate commissioner, Frans Timmermans, stated, "Everyone who has the capacity to pay should contribute," adding that he aims to "broaden the donor base beyond those who are usually considered," simply because that reflects the reality of 2023.
Adnan Amin, the conference's CEO, told Reuters this month that the goal is to secure several hundred million dollars for the damage fund during the event. He noted that he hopes the UAE will make a contribution. He added that achieving a breakthrough on the damage fund, which poorer nations have been advocating for years, could help pave the way for other agreements.
Despite these efforts, divisions remain, with some European countries and those vulnerable to climate damage demanding an agreement that clean energy sources replace fossil fuels over the coming decades, while oil and gas producers seek to maintain the role of traditional energy sources.
