COP28 kicks off with pledges for loss and damage fund

The COP28 climate talks, hosted by Dubai, started with pledges worth US$400mn for a loss and damage fund that might also benefit Latin American and Caribbean countries.

However, the resources so far pale in comparison to the US$580bn in annual climate related losses expected to be incurred through 2030, the World Resources Institute’s (WRI) global climate director Melanie Robinson said during a press call.

Robinson highlighted that the establishment of the fund on the first day of the summit still marks an unexpectedly positive early achievement.

The biggest pledges came from Germany and the United Arab Emirates with US$100mn each, the UK (US$50.5mn), the United States (US$17.5mn) and Japan (US$10mn).

More countries are expected to commit resources before the summit ends on December 12.

When asked by BNamericas if Latin America and the Caribbean would benefit from the fund, WRI research associate Nate Warszawski said it establishes a minimum percentage allocation for small island developing states (SIDS) and the least developed countries.

“That’s some recognition of the fact that those types of countries tend to have a really hard time accessing these mechanisms,” he said, adding that this specific group only received 2% of global climate financing in 2021.

SIDS include 16 Caribbean island nations, according to the UN, as well as the US Virgin Islands and Puerto Rico, which are considered non-UN members. 

Climate related disasters in Latin America this year included wildfires and floods in Chile and Bolivia, drought in Argentina and Uruguay, and extreme heatwaves across the region.  

LULA DIPLOMACY

Brazil’s President Luiz Inácio Lula da Silva sharpened his climate focus when he returned to office in January, reinstating environmental protections that were abolished by his predecessor Jair Bolsonaro. Lula is facilitating renewable energies and made a successful bid to host the COP30 conference in Brazil in 2025. 

“Brazil is not only bringing up a successful internal policy regarding rainforests but also strong coordination work and several proposals to ensure that the discussion around tropical rainforests is based on the ideas of those who harbor them in their territories,” Brazil’s climate secretary Ana Toni told journalists last week.

COP30 will be key because “this is the COP where we will see the new [nationally determined contributions]. We will really understand where we are moving towards for 2030-35,” Robinson said in response to a question by BNamericas.

She added that Lula’s current efforts are part of a two-year process to strengthen his position ahead of the 2025 summit.