UN Climate Summit COP28 Kickstarts with Focus on Climate Justice
United Arab Emirates – The UN’s Climate Summit, COP28, commenced in the UAE with significant developments in climate justice. The first day saw substantial financial commitments to support developing countries through the ‘Loss and Damage Fund’, marking a crucial step in addressing climate-related disparities.
According to World Economic Forum, the funding announced represents a small fraction of the annual financial needs for climate justice. The commitments are seen as a positive start, but they underscore the vast scale of resources required to combat the effects of climate change effectively.
Climate justice is a movement aiming to balance the scales of climate change impacts. It focuses on protecting the rights and needs of the most vulnerable populations, who often bear the brunt of climate change despite contributing least to the crisis. The concept stresses the importance of fairness in climate action, ensuring equitable distribution of resources and inclusive decision-making processes.
The urgency of climate justice stems from the disproportionate impact of climate change on marginalized communities. By 2030, the climate crisis is expected to exacerbate poverty, affecting millions, especially women, girls, and marginalized groups. Additionally, Africa has witnessed extreme weather events leading to significant fatalities and highlighting the increasing intensity and frequency of natural disasters.
The COP28 summit saw the launch of an international ‘loss and damage’ fund, a key outcome from the previous COP27 in Egypt. Initial pledges totaling over $650 million, including significant contributions from the UAE, Germany, the EU, UK, US, Canada, and Japan, were announced. While this amount is far below the $387 billion annually identified by the UN as necessary for developing countries’ climate adaptation, it represents a starting point for more comprehensive support.
Ghiwa Nakat, Greenpeace’s Executive Director for the Middle East and North Africa, commended the leadership of the host country and called for substantial contributions from developed nations and polluting industries.
The success of climate justice initiatives, such as the Green Climate Fund, has been limited, highlighting the challenges in meeting funding targets. The 2009 pledge by wealthy nations to provide $100 billion annually to developing countries was only possibly achieved last year, as per OECD reports. Furthermore, the World Economic Forum’s Global Risks Report 2023 indicates a potential retreat by insurers from covering natural catastrophes, exacerbating the financing challenges.
To ensure no one is left behind in the energy transition, a justice-based approach is essential, with financing being a critical component of a fair and equitable global transition.