COP28 Day 1: ‘DNA’ Fund Debuts, Day 2 Gears Up for Climate Action

This year’s most anticipated conference is currently taking place in Dubai. An important event on the first day of the 2023 United Nations Climate Change Conference (COP28) in Dubai.

Before going on recap of Day1 , I must remind you Day-2 is the opening ceremony of major events. His Highness Sheikh Mohamed bin Zayed Al Nahyan, António Guterres, Secretary-General of the United Nations and His Majesty King Charles III will speak at the opening ceremony. The Summit’s schedule of events can be found here.

After taking notes from the previous day in Dubai where guests gathered, there was the formal address by the COP27 Presidents, the energetic hosting of Sultan Al Jaber, with the President of the UAE to welcome the delegates, and the announcement of the ‘Loss and Damage Fund’ While you wait, we’re bringing you a comprehensive package of highlights and updates on what else is happening in Dubai today.

Highlights in Words: Day 1 of COP28  Was Momentous

Agreement was reached to operationalize the ‘Loss and Damage Fund.’

It was wonderful to report that a ‘Loss and Damage Fund’ was announced within 20 minutes on the first day after the official opening of any COP28.- The UAE did it!

The agreement was reached to operationalize the ‘Loss and Damage Fund.’ This marks a crucial step, especially for vulnerable nations, in addressing the adverse impacts of climate change. COP28, commencing on November 30 and concluding on December 12, witnessed the implementation of the Loss and Damage Fund, established at the end of COP27.

President of COP28, Dr. Sultan Al Jaber, called on nations to contribute resources to the fund, emphasizing its pivotal role in supporting those most affected by climate change. The United Arab Emirates (UAE) led the way by pledging $100 million, while major contributors included the United Kingdom ($40 million), the United States ($17 million), Germany ($100 million), and Japan ($10 million).

This operationalization agreement empowers Parties to direct their efforts toward a robust response to the Global Stocktake, assessing progress made since the 2015 Paris Agreement in mitigating global warming—a focal point for discussions during COP28.

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During a press conference, Dr. Al Jaber revealed that a remarkable $450 million had been pledged on the first day, underscoring the fund’s significance as the “DNA” of COP28. He reiterated the Presidency’s commitment to translating visions into tangible actions and highlighted the impending focus on the global stocktake. Dr. Al Jaber noted that the initial threshold for fund activation was $200 million, with expectations of further contributions in the coming days.

Key Insights into the Loss and Damage Fund:

– The Loss and Damage Fund aims to secure a minimum of $100 billion annually by 2030, with developed nations invited to contribute.

– Developing nations assert that actual needs are closer to $400 billion per year.

– A study by Dr. James Rising at the University of Delaware reveals that climate change-induced loss and damage cost approximately $1.5 trillion in 2022, with Global South countries experiencing an average 8.3% loss in Gross Domestic Product (GDP) due to climate impacts.

What to Expect on Day-2 of COP28?

Expo City Dubai will be the centre of attention today as the COP28 climate change conference carries on following an eventful opening day.

There is a sense of optimism among thousands of delegates as an international consensus has been reached on establishing a fund to compensate poorer nations that are disproportionately affected by climate change.

World is waiting for the 2nd key item on the agenda of COP28 , it is the first “global stocktake”.

The second day of the summit will be filled with a busy schedule of activities focused on creating a better and more sustainable future.

The World Leaders Summit is scheduled to be the main event on Friday and Saturday, with several other forums and panels also starting.

Day two will open the World Climate Action Summit and high-level segment, COP28’s most important event. On the invitation of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, we will hear from Saudi Crown Prince Mohammed bin Salman Al Saud, Egyptian President Abdel Fattah Al Sisi, King Abdullah II ibn Al Hussein, King of Jordan, and Qatari Amir Sheikh Tamim bin Hamad Al-Thani, Fumio Kishida, Prime Minister of Japan, and UK Prime Minister Rishi Sunak.

Please note that the schedule for events may be subject to modifications. You can track live events from here- TAP.