Why do some countries "talk about money" at the climate conference?
The 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) opened in Dubai, United Arab Emirates, on November 30. And on the opening day, there was good news -
Delegates from more than 160 countries unanimously unanimously approved the motion to formally launch the Loss and Damage Fund, a landmark agreement that will help developing countries vulnerable to climate change.
For a long time, the issue of funding has been the most important focus of the United Nations Climate Change Conference. At the Copenhagen climate summit in 2009, rich countries pledged to provide $100 billion a year in climate finance starting in 2020, but so far they have not fully fulfilled their promises.
Last year, in Sharm el-Sheikh, Egypt, the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) put the issue of "loss and damage" on the agenda for the first time. COP27 also finalized the establishment of a "loss and damage" fund for climate disasters.
The "loss and damage" fund made a historic breakthrough at COP27 by explicitly subsidizing late-developing countries by developed countries that had accumulated wealth through pollution in the early years.
However, at COP27, all parties only expressed general agreement, and did not finalize key issues such as "who will pay, who will benefit, and who will manage the fund".
Various uncertainties have also cast a layer of doubt on the implementation and promotion of this fund.
But at the opening session of COP28 on 30 November this year, COP28 President Dr Sultan Jaber said there was a further consensus on the Loss and Damage Fund. Countries agreed that the fund would be held in the custody of the World Bank for four years, that the fund would be open to all developing countries, and that the board of directors and other details of the fund would be determined at the next climate conference.
The Loss and Damage Fund, the first of its kind to pay for climate loss and damage, has now been agreed upon by governments on the structure of a UN fund, formally ending a year of debate over where the fund should be created, which countries should benefit and who should fund it. Although it is only a small step in the issue of climate finance, the rare and valuable results will play a role in promoting the climate problem of some developing countries, thereby affecting the survival of all mankind.
On December 1, local time, during COP28, the Publicity and Education Center of the Ministry of Ecology and Environment of China, together with WBCSD and China News Network, jointly held the "Sustainable Development Dialogue of Chinese and Foreign Well-known Entrepreneurs" in Dubai, United Arab Emirates. The issue of loss and damage, which is of greatest concern to developing countries, especially vulnerable countries, has made significant progress this year. A number of developed countries have already proposed a total of more than $300 million in contributions. We are pleased that there has been progress on the issues that are of greatest concern to developing countries this time, which is a very good thing.
Where does the "target of more than $300 million in donations" come from? According to reports, the resolution document adopted at the opening meeting did not set a target or a lower limit on the size of the "loss and damage" fund, but invited developed countries to make voluntary contributions and allowed the fund to absorb donations and contributions from a wide range of sources.
In other words, climate finance will be pledged by developed countries. Thus, the target amount pledged by States also deserves special attention.
First, at the opening ceremony on 30 November, Jaber said the UAE would be the first to inject $100 million into the Loss and Damage Fund, followed by a similar contribution from Germany. The EU has also indicated its financial support and has made it clear that the EU (including Germany) is committed to providing 225 million euros.
The statements of the United Arab Emirates and Germany led the United Kingdom, the United States and Japan to take the floor and pledge to inject funds into the Loss and Damage Fund. The UK has announced £60 million, but part of it will be used for "other arrangements", while the US has pledged $17.5 million and Japan has pledged $10 million.
It is worth mentioning that in order to make up for the gap in climate finance, on December 1, local time, UAE President Mohammed bin Zayed Al Nahyan pledged to set up a $30 billion climate finance fund for global climate solutions at the opening ceremony of the World Climate Action Summit.
According to foreign media reports, the United States and Japan have been criticized for the amount they have pledged too little, and some experts and groups have said that the amount is "embarrassing" and "shocking" compared to the amount promised by other countries.
In view of the amount of money, it is worth noting that in view of the scale of the economy and the carbon emissions of some countries, when it comes to spending real money, they are unwilling to shoulder the responsibilities and obligations of a major country, and set an example on climate change, an issue for all mankind.
Although there were some surprising moments at the climate conference, we can still be pleased to see the unremitting efforts of the world to work together in the face of the joint efforts of all mankind. But at the same time, we must also be soberly aware that the global solution to the climate problem is far from catching up with the speed of climate change, and if we want to catch up as much as possible, we naturally need more countries to shoulder their responsibilities and obligations, have more foresight, be less calculating, and take more solid and effective measures to answer this climate answer sheet.
