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Report
COP28 opens with 'historic' launch of loss and damage fund
FRANCE 24 English
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11/30/2023
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00:00
Now to Valerie de Kemp, France 24 environmental reporter. She's covering the summit for us in Dubai.
00:06
Valerie, good to see you again.
00:09
Tell us, give us a briefing on what's happened so far since the summit has opened.
00:15
Well, COP28 president Al Jaber, he just gave a relatively brief press conference in which he appeared quite
00:27
optimistic and confident about the possible outcomes of COP28.
00:31
He said, I am more confident than ever that we will deliver an unprecedented result.
00:37
He said he was laser focused on delivering maximum ambition.
00:42
And he did mention one of the key issues of this COP as well is what we call the
00:47
implementation gap. The fact that so many countries over the past few years have come forward with
00:53
promises with climate policies, but now it's really about how do we implement those policies.
00:59
And that is something that will be again at the heart of this COP with the implementation gap.
01:04
And one way of trying to address that issue is what we call the global stocktake.
01:09
So it is a process that will end, a two-year process that will end here at COP28.
01:15
Essentially, the first review of how far the world has come in terms of
01:22
battling climate change and what else needs to be done in the years coming forward in order to really
01:27
address and meet the Paris Agreement goal of limiting global warming to 1.5 degrees.
01:33
And so this is happening eight years after the Paris Agreement was signed back in 2015.
01:39
And it is a bit of an important milestone and moment because we have another seven years left
01:45
before we really need to turn things around and
01:48
reduce greenhouse gas emissions by at least 50% before 2030.
01:52
So that is why it's become a bit of a pivotal moment here at COP28.
01:57
So he gave that press conference just now.
02:01
Earlier today, the COP28 presidency was officially passed on to al-Jabbar from his predecessor,
02:09
Egypt's Sami Shoukry, officially opening the COP28 conference.
02:15
And one of the key issues, key themes that we're going to hear a lot of debate on is fossil fuels.
02:22
How quickly will countries ditch their addiction to oil, gas and coal?
02:27
And are they willing to really make an agreement on the phasing out of fossil fuels?
02:33
So that is essentially what's happened so far today.
02:37
But again, another major announcement on loss and damage, Charlie.
02:43
So a surprise announcement, really, because no one was really expecting this to happen on day one.
02:48
So it was gaveled through just a few hours ago.
02:52
And just to give you a bit of context, this loss and damage fund,
02:56
essentially a fund meant to help developing nations, poorer countries,
03:00
restore from climate events, climate disasters.
03:06
And to give you a bit of context, it was actually agreed back in COP27,
03:11
the creation of the loss and damage fund.
03:14
And in the lead up to COP28, diplomats agreed on a pre-draft of what this
03:21
deal could actually mean and the details of what exactly this fund would entail.
03:29
So who would actually contribute, who can actually access funding from this fund,
03:35
and just operational details as well as the governing body of this loss and damage fund.
03:41
So this has really come as a major surprise,
03:44
major satisfaction for developing nations that have been fighting for this for decades.
03:50
And the fact that it was gaveled through just on day one is really quite rare,
03:54
as usually this tends to happen once leaders have actually arrived at the COP summit.
04:01
So again, climate leaders very much pleased about this announcement.
04:06
Valerie DeKemp, thank you for your reporting and keeping us updated throughout the day.
04:11
Talk to you soon.
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