Analysis: Will COP28 Finally Implement The Loss and Damage Fund?

All eyes are on COP 28 for progress made by the global community on the Loss and Damage Fund that was announced in Sharm el-Sheikh last year.

Will COP28 be able to operationalize the Loss and Damage Fund? The onus is on the rich nations to put their money where their mouth is in the fight against climate change because it is already too late.

All eyes are on COP 28 for progress made by the global community on the Loss and Damage Fund that was announced in Sharm el-Sheikh last year. The United Nations Framework Convention on Climate Change (UNFCCC's) Transnational Committee report in September noted "significant progress" in trying to operationalize the funding arrangements but whether it translates into any major announcements is to be seen.

The UNFCCC website says the president-designate of COP28 and UAE's Special Envoy for Climate Change, Sultan Ahmed Al Jaber, called on countries to be creative in identifying funding sources and defining the financing arrangements to ensure that funds are adequate and distributed efficiently. So, while a long-standing demand of a Loss and Damage Fund was fulfilled in November 2022 in Egypt for climate mitigation, the establishment of a mechanism for the distribution of the funds and contributions to the fund remains a vexed issue.