COP28 adopts historic loss and damage fund – close to 300 million USD pledged for operationalization of the Fund

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The 28th Conference of the Parties (COP28) commenced today in Dubai, marking a momentous start with the adoption of critical recommendations put forth at the 5th meeting of the Transitional Committee 5 (TC5).

Acknowledging the urgency of global climate action, COP28 wasted no time in endorsing the comprehensive set of recommendations proposed by the Transitional Committee.

These recommendations, crafted with extensive research and collaboration among experts, focus on key aspects critical to mitigating climate change and fostering sustainability worldwide.

From renewable energy initiatives to biodiversity conservation strategies, TC5’s recommendations align with the urgent need to accelerate efforts in achieving the goals outlined in previous COP meetings.

As delegates convene in Dubai for COP28, the swift adoption of TC5’s recommendations sets a precedent for robust and decisive action in combating climate change.

The commitment displayed on the first day of this crucial summit underscores the determination of nations to address the pressing challenges posed by climate change collectively.

Close to 300 million USD has been pledged by a number of nations for the operationalization of the fund.

Director of the Department of Environment, Ambassador Diann Black-Layne was present for the adoption of the decision. She stated,

“This was definitely a lot of hard work over the past few years and I am so happy that the UAE COP presidency decided to adopt at the beginning of COP28 recognizing the importance of such a fund.”

The Ambassador expressed sincere thanks to the entire team at the Department of Environment for their support, the Prime Minister, the honourable Gaston Browne and the Environment Minister, the honourable Sir Molwyn Joseph as well as the office in NY that played a pivotal role in the chairmanship of the Alliance of Small Island Developing States.  

In the coming days, COP28 aims to build upon this momentum, fostering dialogue and collaboration among nations, policymakers, and stakeholders. Together, they will forge a path towards a sustainable future, one that safeguards our planet for generations to come.

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