The Conference of the Parties (COP) is the United Nations Framework Convention on Climate Change (UNFCCC)'s top decision-making body, and each COP meeting is numbered sequentially. The 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) will be held in the United Arab Emirates (UAE) at Expo City, Dubai. The summit began on November 30, 2023 and will continue until December 12, 2023.
Numerous delegates stated that an agreement to launch the fund on the first day of the COP was a "positive" start that established "good momentum" for the tenor of discussions in the days ahead. "Countries must build on this and generate enough momentum in the days ahead." "We must keep our eyes on the prize (of taking concrete steps to keep temperatures below 1.5 degrees Celsius)," said Simon Steill, Executive Secretary of the UN Framework Convention on Climate Change.
All developing countries are entitled to apply, and every government has been "invited" to contribute to the fund. Payments are voluntary, and a fixed percentage has been set aside for a group of countries known as Least Developed Countries and Small Island Developing States.
According to a report published this week by the University of Delaware, the cost of climate change losses and damage will be around $1.5 trillion ($1,500 billion) in 2022. Climate change cost several developing countries, including those of the poorest, an estimated 8.3% of their GDP. The fund currently does not define how often it will be renewed.
Bhupendra Yadav, our Environment Minister, praised the UN Presidency for allowing the fund's establishment. "India has provided critical inputs during the transitional committee meetings, and we thank the presidency for facilitating this," he stated as part of a series of remarks on the structure of the fund issued by a number of countries.
