November 30th marks the first day of COP28, taking place in Dubai, United Arab Emirates, which was attended by prominent people, including King Charles III.
At the start of the World Climate Conference, Germany and the United Arab Emirates have pledged 200 million US dollars combined for the compensation of climate damages. The German Minister of Development Svenja Schulze connected to the COP28 through a video call and referred to it as a groundbreaking decision. Other nations also declared their contributions, with the United Kingdom contributing roughly 50.5 million dollars, the USA providing 17.5 million dollars, and Japan committed 10 million.
The question of where the money will go will be decided by the board of the new fund, with both industrialized and developing countries participating. The board will consist of 14 seats for developing countries and 12 seats for industrialized countries. Priority in fund allocation will be given to countries that are particularly vulnerable to the impacts of climate change.
Schulze referred to the financial commitments as a crucial turning point because many new nations are participating for the first time. The focus of the two-week meeting is primarily to reach a global consensus on a gradual exit from the use of fossil fuels such as coal, oil, and gas. These fuels are held responsible for the rise in the climate-damaging carbon dioxide and global warming.
This is aimed at implementing the Paris Climate Agreement of 2015. At that time, it was agreed to limit global warming to well below 2 degrees Celsius compared to pre-industrial levels. However, according to a recent UN forecast, the Earth is currently on track for a dangerous warming of 2.5 to 2.9 degrees Celsius by the year 2100, given the ongoing increase in greenhouse gas emissions.