The Board of Directors of the Global Climate Fund, which specializes in addressing its repercussions, is examining innovative solutions to increase financing
Abu Dhabi, 9 May / WAM / Activating the Global Climate Fund and addressing its repercussions, and beginning its financing at the beginning of COP28, was a pleasant surprise to the world, and evidence of the seriousness of the UAE and the efficiency of the conference’s presidency, and an embodiment of the strength of its results, which exceeded expectations.
However, there are fundamental challenges facing the Fund, most notably ensuring the sustainability of financing, as the total needs of developing countries to confront the repercussions of climate change are estimated at trillions of dollars, which confirms the urgent need to manage the Fund efficiently and transparently and the commitment of all parties to support it and facilitate its tasks, while increasing the funding provided to it by rich countries. And the private sector to enable it to contribute effectively to protecting planet Earth from the dangers of this change.
The Conference of the Parties (COP28), which was hosted by the UAE in late 2023 in Expo City Dubai, witnessed a historic achievement represented by achieving consensus among all countries to activate the work and financing mechanisms of the Fund, after the idea of supporting countries most vulnerable to the repercussions of climate change remained under discussion for about Three decades since it was first placed on the agenda of the Conferences of the Parties; The Fund represents a decisive step towards strengthening international solidarity to confront this crisis, as various regions of the world suffer due to storms, floods, forest fires, sea level rise, severe weather phenomena, droughts, and other negative impacts.
In this context, Abu Dhabi hosted the first meeting of the Board of Directors of the Global Climate Fund and addressing its repercussions, which was held during the period between April 28 and May 2, with the aim of providing financing for the innovative solutions that emerged from “COP28” and what was included in the historic “UAE Agreement.”
His Excellency Abdullah Al-Alaa, Assistant Minister of Foreign Affairs for Energy and Sustainability Affairs and representative of the UAE on the Fund’s Board of Directors, said in a speech during the preliminary activities for the launch of the meeting, that the parties contributed to writing history on the first day of “COP28” by agreeing to activate and arrange financing for the specialized global fund. Climate change and addressing its repercussions after 30 years of waiting, which reflects the world’s solidarity to support developing countries most affected by the repercussions of climate change.
His Excellency explained that the Fund’s Board of Directors plays an important role in implementing this commitment in an ambitious manner that reflects the UAE’s pioneering position in this field, through its firm commitment to building a sustainable future for all.
The UAE’s hosting of the first meeting of the Fund’s Board of Directors, following the historic outcomes of “COP28”, which included activating the Fund and its financing arrangements, is the result of the efforts of the conference presidency and the negotiation team and their constructive cooperation with all parties, and a result of global solidarity to support developing countries most vulnerable to the repercussions of climate change.
Negotiators will continue to call on all parties to fulfill existing commitments, and expand the scope of new and additional commitments beyond what was announced during COP28, by building on the momentum achieved, and ensuring the Fund is ready to operate by COP29.
The COP28 presidency allocated a team of experienced Emirati youth to negotiate with the concerned parties on this vital topic. While following the activities of the historic first meeting, which is considered the result of their efforts, the young negotiators confirmed that their participation in the negotiations on the topic of “dealing with losses and damages” represented “an unforgettable journey, in which they witnessed closely historical achievements being achieved.” They also expressed their happiness to see the result of the consensus that had been reached. To him and the possibility of achieving radical and effective change, and they affirmed their confidence in the ability of the Fund and its Board of Directors to play a decisive role in helping developing countries confront the increasing negative effects of climate change.
Although the countries most vulnerable to the repercussions of climate change, such as island and developing countries, are the least responsible for the harmful emissions that cause global warming, they face existential threats due to the negative effects of those emissions on the environment and climate.
For more than 30 years, developing countries faced strong opposition from rich countries, which feared having to pay compensation for harmful emissions, but the leaders agreed at “COP27”, which was held in Sharm El-Sheikh in the Arab Republic of Egypt, to establish a fund to support developing countries, especially in the Global South. To deal with the devastating effects of climate change, however, observers believed that transforming this agreement into concrete practical measures may take a long time, but the tireless efforts of the COP28 presidency, and the UAE’s contribution to financing the fund in the amount of $100 million, stimulated both the European Union and the United States. The United States of America, the United Kingdom and other parties made rapid pledges and contributions totaling approximately $400 million to the Fund, while 19 countries pledged to provide commitments totaling $792 million, including $662 million for financing.
Despite everything that has been pledged, there is still an urgent need for more support to meet the needs of developing countries, and for this reason the COP28 Presidency continues to call on countries and entities capable of contributing to financing the Fund.
It is noteworthy that the historic “UAE Agreement” stipulated that the World Bank would host the Fund for an initial period of four years, during which the Fund would distribute resources based on available evidence, allocating a specific percentage of them to support the least developed countries and small island developing states.
The Fund’s management tasks include distributing its resources fairly, and developing effective mechanisms to ensure the implementation of projects and follow up on their results, which requires concerted international efforts to confront the increasing severity and frequency of natural disasters related to climate change, develop flexible mechanisms to meet the changing needs of countries, and keep pace with rapid developments in this field.
The COP28 presidency played a pivotal role in advancing the negotiations to establish the Fund, through an expanded global tour that aimed to listen, communicate, and find facts, which included more than 100 countries. In order to identify the needs of countries most vulnerable to the repercussions of climate change and to understand their point of view; The conference presidency team and Emirati negotiators worked tirelessly to ensure that these countries received fair support through the Fund. These efforts faced serious challenges that were contributed to overcoming by the UAE’s keenness to achieve climate justice and its solidarity with the countries most in need of support.
With the broad international support that the Fund has received and the increased global awareness of the importance of climate action in the coming years, the chances of increasing contributions to financing the Fund and ensuring its success will be high, as this represents a recognition of the moral responsibility of developed countries in helping developing countries confront the challenges of climate change. The Fund will help the most affected countries finance their efforts to achieve climate resilience and recover from climate-related disasters.
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