COP28 President Dr. Sultan Al Jaber has heralded a breakthrough in the implementation of the "Loss and Damage Fund" as a vital step towards a successful outcome on the road to COP28.
The Fifth Meeting of the Transitional Committee on Loss and Damage, held on Friday and Saturday in Abu Dhabi, has produced recommendations including the provision of grant-based support to countries particularly impacted by climate change.
The fund will provide recovery help, particularly for vulnerable countries.
Al Jaber said the recommendations, if adopted, have the potential to impact billions of people, lives and livelihoods.
"This clear and strong recommendation to operationalise the Loss and Damage Fund and funding arrangements, paves the way for agreement at COP28," Al Jaber said in a statement.
The agreement to establish a Loss and Damage fund was heralded as a key breakthrough at COP27 held in Sharm El Sheikh.
The COP28 Presidency hosted the meeting after the previous session ended without conclusion. The Transitional Committee was established after COP27 to make recommendations for consideration and adoption at COP28, which is starting in 25 days, in Dubai.
The agreed recommendations will now be shared with national governments ahead of COP28, so the fund can be activated and capitalised.
The COP28 Presidency has repeatedly advocated for the operationalisation of the fund and funding arrangements, with Dr. Al Jaber stating at last month’s Pre-COP event that Parties “must deliver” on the fund.
He told delegates at the event progress in loss and damage represents "taking action for the world’s most climate vulnerable people".
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and COP28 President-Designate, has welcomed the agreement reached at this weekend’s Fifth Meeting of the Transitional Committee in Abu Dhabi to operationalise Loss and Damage fund#WamNews… pic.twitter.com/iSuwihIKys— WAM English (@WAMNEWS_ENG) November 4, 2023