Dubai, UAE | 01 December 2023. In a significant development on the opening day of the 28th Conference of the Parties (COP28) in Dubai, delegates reached a consensus to operationalize and capitalize the much-anticipated Loss and Damage (L&D) fund and funding arrangement. The Climate Change Commission (CCC) lauded this significant stride towards aiding vulnerable nations in managing and recovering from the adverse impacts of climate change.

During the ceremonial opening, Dr. Sultan Ahmed Al Jaber, COP28 President, announced the operationalization and capitalization of the Loss and Damage Fund, marking a crucial breakthrough for this year's UN climate conference. The Fund, designed to compensate countries grappling with loss and damage due to climate change, received pledges amounting to approximately USD 400 million. 

Sultan Al Jaber emphasized the urgency of L&D financing. He stated, “We all know that a key success factor across the climate agenda is finance. For too long, finance has not been available, accessible, or affordable. This Presidency is committed to unlocking finance to ensure that the global south does not have to choose between development and climate action.”

“Let this be the year that climate finance meets the magnitude of the moment. Let this be the COP where we deliver on our promises, from the USD100 billion to loss-and-damage. And on loss and damage I know how important this issue is to the parties, particularly the most vulnerable,” he further added.

COP28 host, the United Arab Emirates (UAE), demonstrated leadership by committing USD100 million to the fund, underscoring the urgency and collective responsibility in addressing climate-related challenges. Germany and the United Kingdom followed suit with noteworthy contributions of USD100 million and GBP60 million (USD75 million), respectively.

Japan and the United States also pledged their support, with Japan contributing USD10 million and the USA committing USD17.5 million to bolster the Fund. 

The Philippines, a nation highly vulnerable to the impacts of climate change, welcomed the decisive action at COP28. 

“The operationalization of the L&D Fund is a historic move forward. It is proof positive of what we can do as an international community. If we put our brains together and work together, we can move something from being divisive and transform it into something that’s truly unifying,”   Secretary Robert E.A Borje, Climate Change Commission Vice Chair and Executive Director, said during his intervention during the ceremonial opening of COP28. 

“But as we celebrate, let us remember loss and damage is at the latter end of the phenomenon spectrum. We have to realize and remember the important work that also needs to be done for adaptation-mitigation efforts to be scaled up. We are grateful for the pledges from our partner countries. We hope that this will assist us, and not just the Philippines but other at-risk countries,” he emphasized.

This landmark decision reflects a collaborative effort by nations to confront the pressing issue of climate change and stands as a testament to the international community's dedication to mitigating its devastating effects. 

The 28th Conference of the Parties (COP28) is an important United Nations climate conference held in Dubai, UAE, gathering representatives from 198 parties worldwide to negotiate and deliberate on pressing issues related to climate change. Attended by delegates from various countries, COP28 aims to build upon previous climate agreements such as the Paris Agreement and Kyoto Protocol, and advance global efforts in combating climate change. 

The Philippines is expected to deliver the National Statement during the World Climate Action Summit (WCAS) on December 2. WCAS is a key high-level event of COP28, where Heads of State or Government convene to implement and transform key climate-related decisions into credible plans and concrete actions.

For more information about the CCC’s climate mainstreaming activities, visit https://climate.gov.ph and https://facebook.com/cccphl.