Pre-COP28 in the United Arab Emirates: the global balance sheet and the Loss and Damage Fund in the spotlight
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Abu Dhabi: Pre-COP meetings in Abu Dhabi today implemented high-level action plans and discussions to lay the groundwork for addressing the Global Stocktake and delivering a Loss and Damage Fund at COP28.
A meeting of the Transition Committee on the Loss and Damage Fund and a meeting with heads of some of the Multilateral Development Banks on climate finance were the immediate high-level meetings that resulted from the pre-COP meetings.
At a press conference following the two-day pre-COP28 meetings on Tuesday, COP28 Director-General Ambassador Majid Al Suwaidi outlined critical issues and key takeaways from the preliminary discussions that set the stage for COP28.
The talks focused on the creation of a “loss and damage” fund for the poorest nations affected by climate change and on the Global Balance Sheet (GST), a key component of the Paris Agreement to assess and review the collective progress of countries to address climate change.
“Regarding loss and damage, we will soon organize the fifth meeting of the Transition Committee from November 3 to 5. We are hopeful of making positive progress with clear, clear and robust recommendations that can be presented to COP 28,” Al Suwaidi said.
He said the Independent High Level Expert Group on Climate Finance (IHLEG) presented its latest work to advance the agenda to fix climate finance.
BMD meeting
Looking ahead to the reform of the Multilateral Development Bank (MDB), he said: “Tomorrow we will organize a meeting of 10 multilateral development banks with the President.”
The heads of those banks will be asked: how to work better together as a system through national platforms, how to reduce risk to the private sector and mobilize trillions, and how to lay the groundwork for a new climate finance framework based on the report from the IHLEG.
World balance
“In the Global Stocktake, we have made it clear that COP28 must deliver a strong, balanced and transformative decision across all pillars,” Al Suwaidi said.
He said several key questions were raised during the pre-COP meeting, seeking ways to provide a credible response to close existing gaps in climate action. Discussions also focused on changing financial flows to increase support for developing countries.
Discussions were held on how the GST can be considered an essential tool to inform national policymaking by updating and improving the Nationally Determined Contributions (NDC), the climate action plan to reduce emissions and adapt to climate impacts of each Party to the Paris Agreement.
According to Al Suwaidi, pre-COP discussions also highlighted equity and science as crucial elements in shaping the GST, ensuring that equity and scientific precision guide its processes.
The DG noted that pre-COP meetings presented the GST as an opportunity to fix global climate efforts.
“Over the past two days, many have talked about how we should use the Global Takeover as an opportunity to correct course. “We want to build on this momentum and consensus at COP28.”
He said Parties have been urged to come to COP28 prepared to raise collective ambition, recognizing the urgency of the climate crisis and the need for decisive action.
Billions to trillions
Developing countries had proposed that a new UN fund unlock at least $100 billion by 2030 to address the irreversible damage caused by climate change.
Al Suwaidi noted that the 100 billion commitment, made 14 years ago, remains unfulfilled, eroding confidence in the process.
“We must resolve this as this is about how developed countries support developing nations’ transition to a cleaner future.”
He said moving from billions to trillions is imperative, requiring GST recapitalization, loss and damage pledges and concessional financing to mobilize capital.
Private sector participation needs a framework to enhance this process. Collaboration with international financial institutions and multilateral development banks is essential to steer the system towards climate action, enabling developing and emerging economies to make informed decisions for their energy systems and climate adaptation, Al Suwaidi said.
Inclusivity
He said that inclusivity forms the basis of the approach and is a fundamental pillar of the COP28 presidency.
“Simply put, everyone is welcome because everyone is needed. That is why we have brought together more than 70 ministers and 100 delegations in the largest Pre-COP in history.”
Extending his gratitude to the dedicated young delegates who actively participated in the sessions over the past two days, he said: “Your perspectives have highlighted what is at stake in our discussions. Your passion, your energy and your determination should be at the front of all of our minds.
as we seek to build consensus and momentum on the difficult issues we face. Their unique perspectives have shed light on the importance of our discussions. Your fervor, enthusiasm, and unwavering commitment must guide us as we work to build consensus and momentum on the difficult issues before us.
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