Loss and Damage Fund COP-28 Summit
Source: PIB
GS II: Important International institutions, agencies and fora- their structure, mandate; GS III: Environmental
Overview
- About the Fund
- What are the concerns?
- About CoP, or Conference of the Parties
- Conclusion
Why in the News?
Member countries at COP-28 agreed to make operational a Loss and Damage (L&D) Fund to compensate countries already dealing with climate change.
About Loss and Damage Fund COP-28 Summit
- The fund, first announced at COP-27 in Egypt, is meant to address the financial impacts of climate-related loss and damage.
- It will be based at the World Bank but managed by an independent secretariat.
- The World Bank will be the interim host of the Fund for four years.
- All developing countries are eligible to apply for funds, and every country has been invited to contribute voluntarily.
- The Fund has received commitments worth nearly $250 million from countries.
- Notable financial commitments include $100 million each from the UAE and Germany, $17 million from the U.S., approximately $50.6 million from the U.K., $10 million from Japan, and $145 million from the European Union.
- While this is a positive start, billions of dollars are still needed to meet the fund’s purpose.
What are the concerns about the Loss and Damage Fund COP-28 Summit?
- Loss and Damage Fund COP-28 Summit from climate change cost about $1.5 trillion in 2022, according to a study by the University of Delaware.
- Climate Action Network International raised concerns about the fund’s long-term sustainability, citing the absence of a defined replenishment cycle.
- The Fund, as it stands now, does not specify how often it will be replenished.
About CoP, or Conference of the Parties
The CoP, or Conference of the Parties, refers to the annual meetings held by the member countries that are part of the United Nations Framework Convention on Climate Change (UNFCCC). These conferences are a crucial part of the international efforts to address climate change. Here’s a bit more detail:
What is CoP?
- CoP stands for Conference of the Parties.
- It is the supreme decision-making body of the UNFCCC.
- It brings together representatives from the member countries to assess progress in dealing with climate change and to negotiate and implement further measures.
Purpose of CoP
- The primary purpose of the CoP meetings is to review and advance the implementation of the UNFCCC.
- This includes discussions on national commitments, emission reduction targets, financial assistance to developing countries, technology transfer, and various other aspects of climate change mitigation and adaptation.
Key CoP Meetings
- CoP meetings are numbered sequentially.
- For example, COP26 refers to the 26th Conference of the Parties.
- Each meeting is significant in the context of global climate action.
- COP26, held in 2021 in Glasgow, Scotland, was one of the most recent major CoP meetings.
Decision-Making Process
- During CoP meetings, decisions are made by consensus among member countries.
- Key decisions often involve setting emission reduction targets, establishing rules for reporting and verification, and determining financial contributions from developed to developing countries.
Negotiation and Agreements
- CoP meetings are known for intense negotiations, as countries with varying levels of development, economic interests, and environmental concerns seek common ground.
- The agreements reached at these meetings are critical for global climate policy.
Key Outcomes
- CoP meetings are expected to produce tangible outcomes and agreements.
- Some key agreements in the past include the Kyoto Protocol (COP3), the Paris Agreement (COP21), and various decisions related to adaptation, finance, and technology transfer.
COP27 and Beyond
- Each CoP meeting sets the stage for the next one.
- The commitments and actions discussed and agreed upon at these conferences shape the global response to climate change.
- COP27 and subsequent meetings will continue this ongoing process.
Conclusion
- Participating countries, non-governmental organizations, businesses, and other stakeholders often use CoP meetings as an opportunity to showcase their climate initiatives, share knowledge, and collaborate on solutions to address the challenges posed by climate change.
- The CoP process is a dynamic and evolving framework that reflects the global community’s commitment to finding solutions to climate-related issues.
- The agreement to kick-start the fund on the first day of COP-28 is seen as a positive start and sets a good momentum for discussions in the days ahead.
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