COP28 begins with the allocation of funds for vulnerable countries

The opening of the United Nations Climate Change Conference (COP28) was marked by the announcement of a new loss and damage fund. This fund offers compensation to countries vulnerable to the climate crisis. The Dominican Republic is eligible for this fund, according to Vice Minister of Climate Change of the Ministry of the Environment, Milagros De Camps.

De Camps pointed out that the text for this initiative was finalized in Abu Dhabi during the fifth meeting of the Transition Committee of the United Nations Framework Convention on Climate Change a month earlier. The launch of the fund is seen as a significant victory for the Dominican Republic and an opportunity to improve national emergency response capabilities, according to Max Puig, the vice president of the National Council for Climate Change.

Initial contributions were announced at the event in Dubai. The United Arab Emirates, Germany, and the United Kingdom pledged $100 million, the European Union $150 million, and Japan and the United States pledged $10 million and $16 million, respectively. These contributions, totaling over $400 million, will be managed by the World Bank, as recommended by the Loss and Damage Fund Transition Committee established at COP27.

Greenpeace International policy expert Tracy Carty praised the launch of the fund but noted that the amount falls short of what is actually needed. The source of future funding remains unclear.

The fund aims to complement other initiatives such as the Green Climate Fund and the Adaptation Fund, supporting the financing of climate action, the implementation of the National Adaptation Plan, and improving emergency responses to the effects of global warming.

COP28 will focus on reviewing the Global Stocktake, a tool of the Paris Agreement that monitors implementation and evaluates collective progress. Negotiations on this aspect will begin shortly, marking a crucial moment in the conference agenda.

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