Posted December 8, 2023
By Kevon Wilson
2 Minutes Read
Summary of COP28 – Day 1
Opening of COP28: The 28th United Nations Conference of Parties to the United Nations Framework Convention on Climate Change (COP28) commenced in Dubai on November 30, 2023. The event was marked by live and recorded coverage of the plenary sessions, available on the UNFCCC COP28 website.
Call to Action by Simon Stiell: UN Climate Change Executive Secretary Simon Stiell opened the conference with a powerful call to action, emphasizing the human impact of climate change and urging delegates to accelerate climate action.
Historic Decision on Loss and Damage Fund: A significant moment was the approval of the operationalization of a fund to assist developing countries with loss and damage due to climate change. This decision, celebrated with a standing ovation, marked the first time a decision has been adopted on the first day of any COP.
Role of the World Bank: The fund will be hosted by the World Bank for an interim period of four years, after which its performance will be independently assessed.
Funding Commitments: Several countries have pledged contributions to the fund, including the UAE ($100 million), UK ($51 million), US ($17.5 million), Japan ($10 million), and the European Union ($245 million).
Private Sector Involvement: COP28 is expected to have the largest private sector presence compared to previous conferences. The private sector, along with governments and civil society, plays a crucial role in achieving global climate goals.
Fund Accessibility and Financing: The draft agreement on the loss and damage fund outlines various methods for countries to access funds, including direct access by national governments and small grants for vulnerable communities. The Fund will receive contributions from diverse sources, including public, private, and innovative funding.
Comment by Leve Global
We view the developments of Day 1 at COP28 with a mix of cautious optimism and deep-seated concern. While the historic decision to operationalize a fund for loss and damage is a significant step, it feels like a delayed response to a crisis we have been living for years. Small Island Developing States (SIDS), such as the Caribbean islands, are on the frontline of climate change, facing existential threats from rising sea levels and extreme weather events. The pledges made, although substantial, seem insufficient when weighed against the scale of devastation the most vulnerable countries are already experiencing.
The involvement of the World Bank as an interim host for the fund raises questions about the prioritization of our needs and interests. Will the voices of small nations be adequately represented in decision-making processes, or will we be overshadowed by larger, more influential countries and global financial institutions? The fund’s accessibility and the criteria for distributing aid are critical concerns for us. We need assurance that the support will be swift, equitable, and free from bureaucratic entanglements that often delay critical funding.
In summary, while we acknowledge the progress made on Day 1 of COP28, we urge the global community to recognize that for small island developing states in the Caribbean, every delay and half-measure is a step closer to our potential demise. Our survival is non-negotiable, and we demand immediate, effective action that truly reflects the urgency of our situation.
What are your thoughts on Day 1? Please leave your comments below.
Check out our blog post on the Environmental Footprint of a Rasta which shows the disproportionate impact of Climate Change on SIDS, particularly from the perspective of Rastas.
Read our summary on Days 2-3 here.
Check out our summaries on other days:
Day 8 (Coming Soon)
Day 9 (Coming Soon)
Day 10 (Coming Soon)
Day 11 (Coming Soon)
Day 12 (Coming Soon)
We would love to hear from you. Engage with us. Leave a comment below.
About the Author:
Kevon Wilson, is a premier researcher and strategist. He has more than 16 years’ experience in research and digital marketing.
He is co-author of many of Leve Global’s research publications such as Big Data – Delivering the Big Picture to Drive Competitiveness, Everything You Need to Know About Internet Marketing, and The Top Ten Emerging Markets.