Official Launch of the 'Climate Change Damage Fund' at the UN Climate Summit

Chairman Guk and Germany to Contribute 130 Billion Won

An agreement was reached at the United Nations Framework Convention on Climate Change Conference of the Parties (COP28) to officially launch a loss and damage fund that provides financial support to countries vulnerable to climate change. COP28 is being held in Dubai, United Arab Emirates (UAE), with delegations from 198 countries including South Korea from the 30th (local time) until the 12th of next month.

According to major foreign media, on this day, Sultan Al Jaber, the chair of COP28 and representative of the UAE, announced the official launch of the 'Climate Loss and Damage Fund' which provides financial compensation to developing countries affected by climate change, stating, "Today, we have made history." The loss and damage fund, first agreed upon at COP27 held in Egypt last November, acknowledges the responsibility and need for compensation from developed countries for the climate disasters experienced by developing countries and establishes the fund accordingly.

On this day, the chair country UAE pledged $100 million (approximately 130 billion KRW), and Germany, the largest economy within the European Union (EU), also announced its intention to contribute $100 million. The United States ($10.7 million), the United Kingdom ($75.89 million), and Japan ($10 million) also promised financial support. However, since the fund is expected to reach an astronomical scale, difficulties are anticipated in the process of finalizing details due to resistance from developed countries.

[Image source=AFP Yonhap News]

During the 12-day conference, the implementation status of the 'Paris Agreement' adopted at COP21 in France in 2015 will be reviewed for the first time, and measures to respond to climate change will be explored.

The Paris Agreement, established to replace the Kyoto Protocol, aims to limit the global temperature rise to at least 2 degrees Celsius above pre-industrial levels and to strive to keep it below 1.5 degrees Celsius.

According to a report released by the World Meteorological Organization (WMO) on this day, the Earth's average temperature this year is 1.4 degrees Celsius higher than pre-industrial levels. COP28's agenda also includes adopting a 'framework' that contains nature-based climate change responses such as transitioning from fossil fuels to clean energy to reduce carbon emissions and sustainable agriculture for ecosystem restoration, as well as launching a youth delegation to encourage participation from future generations.

In his opening remarks, Al Jaber said, "There is a strong view to include language on fossil fuels and renewable energy in the agreed declaration," and added, "I ask for your cooperation."

Al Jaber expressed gratitude that many UAE state-owned oil companies have set 'net zero' (carbon neutrality) targets for 2050, emphasizing, "This is not enough, so they can do more."

Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), warned at the conference, "If we do not signal the end of the fossil fuel era, we will face our own end and pay the price with human lives."

Before the opening of the conference, Ant?nio Guterres, Secretary-General of the United Nations, stated that the complete 'phase-out' of fossil fuels should be the goal, saying, "Even on a reasonable timetable, I will clearly support language on phase-out."

World leaders and heads of state attending COP28 include King Charles III of the United Kingdom, UK Prime Minister Rishi Sunak, European Commission President Ursula von der Leyen, Indian Prime Minister Narendra Modi, and Japanese Prime Minister Fumio Kishida. From the United States, Vice President Kamala Harris is expected to attend in place of President Joe Biden.

This content was produced with the assistance of AI translation services.