UN’s COP28 climate talks open in Dubai, disaster fund officially approved

The United Arab Emirates officially presided on Thursday over the presidency of UN’s climate conference COP28 that kicked off in Dubai with a moment of silence for the victims of the conflict in Gaza.

Sultan al-Jaber officially assumed his role as COP28 President taking over the position from his predecessor Sameh Shoukry, the Egyptian foreign minister who chaired the previous COP talks in Egypt last year.

During the handover ceremony, Shoukry urged delegates to “stand for a moment of silence” in memory of two climate diplomats who recently died “as well as all civilians who have perished during the current conflict in Gaza.”

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“I pledge that I will run an inclusive and transparent process, one that encourages free and open discussion between all parties,” al-Jaber told delegates in his first official speech as COP28 president.

He called on delegates to unite around the agenda and restore faith in multilateralism.

“We may be a young nation – but we have big ambitions, and hold fast to principles like collaboration, optimism, true partnership, determination and commitment. These are the ingredients that make up the DNA of the UAE,” he said. “And it’s these core values of trust, purpose, partnership and pragmatism that I believe must define COP28.”

He also urged countries and fossil fuel companies to work together to meet global climate goals.

COP28 is held at Dubai’s Expo City and will run from November 30 to December 12.

World leaders including Israeli President Isaac Herzog, his Palestinian counterpart Mahmoud Abbas, Ukrainian President Volodymyr Zelenskyy, British Prime Minister Rishi Sunak, Turkey’s President Recep Tayyip Erdogan, Jordan’s King Abdullah II, the Emir of Qatar Sheikh Tamim al-Thani and Brazilian President Lula da Silva are expected to speak at the event.

“This Presidency is committed to unlocking finance to ensure that the Global South does not have to choose between development and climate action,” al-Jaber said, reiterating calls to bridge the global adaptation finance gap and urged parties to deliver on the promise of a fully operational Loss and Damage fund.

He also noted the importance of decarbonizing the existing energy system.

“Let history reflect the fact that this is the Presidency that made a bold choice to proactively engage with oil and gas companies. We had many discussions. Let me tell you, it wasn’t easy. But now, many of these companies are committing to zeroing out methane emissions by 2030 for the first time. And many national oil companies have adopted net zero 2050 targets for the first time.”

The newly appointed COP28 president also called for consensus around a framework for the future energy system.

“I know there are strong views about the idea of including language on fossil fuels and renewables in the negotiated text. We have the power to do something unprecedented. I ask you to work together,” he urged delegates.

Disaster fund

During the meeting, delegates took a big step toward compensating countries hit by deadly floods, heat and droughts.

Nearly all the world’s nations finalized the creation of a fund to help compensate countries struggling to cope with loss and damage caused by climate change, seen as a major first-day breakthrough at this year’s UN climate conference.

Some countries started putting in money right away.

Al-Jaber hailed “the first decision to be adopted on day one of any COP” — and his country, the United Arab Emirates — would chip in $100 million to the fund. Other countries stepped up with big-ticket commitments, including Germany, also at $100 million.

Developing nations had long sought to address the problem of inadequate funding for responding to climate disasters caused by climate change, which hit them especially hard, and for which they have little responsibility — industrialized countries have spewed out carbon emissions that are trapping heat in the atmosphere.

A recent report by the United Nations estimates that up to $387 billion will be needed annually if developing countries are to adapt to climate-driven changes.

Another major task at the summit will be for countries to assess their progress in meeting global climate goals - chiefly the Paris Agreement goal of limiting global warming to well below 2 degrees Celsius (3.6 degrees Fahrenheit).

This process, known as the global stocktake, should yield a high-level plan telling countries what they need to do.

With agencies

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