Economy December 1, 2023 | 8:03 am

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Start of COP28 marked by fund allocation for vulnerable countries

The inauguration of the United Nations Conference on Climate Change (COP28) was notably highlighted by the announcement of a new loss and damage fund. This fund is designed to offer compensation to countries most vulnerable to the climate crisis. The Dominican Republic, recognized as a country susceptible to the impacts of climate change, is among those eligible for this fund, as per Vice Minister of Climate Change of the Ministry of the Environment, Milagros De Camps.

De Camps, speaking to Diario Libre, noted that the approved text for this initiative was finalized a month prior in Abu Dhabi during the fifth meeting of the Transition Committee of the United Nations Framework Convention on Climate Change. This committee was tasked with discussing the fund’s regulatory framework.

Max Puig, Vice President of the National Council for Climate Change, echoed these sentiments, viewing the fund’s operationalization as a significant win for the Dominican Republic and an opportunity to enhance national emergency response capabilities.

At the event’s opening in Dubai, substantial initial contributions were announced. The United Arab Emirates, Germany, and the United Kingdom pledged $100 million, the European Union $150 million, and Japan and the United States committed $10 million and $16 million, respectively. These contributions, exceeding $400 million in total, will be managed by the World Bank, as recommended by the Transition Committee of the Loss and Damage Fund established at COP27.

Greenpeace International policy expert Tracy Carty hailed the fund’s launch as a critical first step but noted that the amount falls short of what is truly needed. The source of future funding remains unclear.

The fund aims to complement other initiatives like the Green Climate Fund and the Adaptation Fund, supporting climate action financing, National Adaptation Plan implementation, and enhancing emergency responses to global warming effects.

Moving forward, COP28 will focus on reviewing the global stocktake, a Paris Agreement tool that monitors agreement implementation and evaluates collective progress. Negotiations on this aspect are set to begin shortly, marking a pivotal moment in the conference’s agenda.

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