Cop28 Presidency hails results of landmark loss and damage fund meeting

Gathering in Abu Dhabi seen as 'historic milestone' for climate action

Countries agreed on the loss and damage fund at Cop28 in Dubai. Chris Whiteoak / The National

The Cop28 Presidency has welcomed the conclusion of an important meeting in Abu Dhabi about the landmark loss and damage fund.

In a social media post on Friday, the presidency hailed the three-day gathering that it said marked another “historic milestone” for climate action.

The presidency said the world needed a “fully functioning fund” that helps people in vulnerable communities recover from the impacts of climate change.

The decisions reached in Abu Dhabi are a welcome step towards achieving these goals, it said.

The loss and damage fund was brought into operation on the first day of Cop28 in Dubai last year.

It aims to help particularly vulnerable countries deal with the devastating impact of climate change from floods to drought.

Hundreds of millions of dollars have been pledged since Cop28 started, including $100 million from the UAE.

A board was also established to agree on how the fund will work. During its first meeting in the capital, members discussed themes such as how the fund will operate, the financial set-up, a host country, the rules and many other procedural elements.

Further meetings are expected over the next few months as the talks can be difficult and contentious. And countries still have to sign off on any proposals at Cop29, which will take place in Azerbaijan this year.

Cop28, meanwhile, saw countries come together to deliver the UAE Consensus.

Close to 200 countries made the historic decision to agree to transition away from all fossil fuels in energy systems.

Historic levels of funding were raised during Cop28, with $85 billion mobilised for climate action.