UAE commits $100m as COP28 adopts landmark fund to help nations hit by climate disasters

The UN climate summit clinched an early victory on Thursday, with delegates adopting a new fund to help poor nations cope with costly climate disasters.

COP28 President Sultan Al Jaber said the decision sent a "positive signal of momentum to the world and to our work in Dubai."

“We’ve delivered history today. The first time a decision has been adopted on day 1 of any COP. And the speed in which we have done so is also historic. Getting this done demonstrates the hard work of so many, particularly members of the transitional committee who worked tirelessly to get us to this point'" Al Jaber said

"This is evidence that we can deliver. COP28 can deliver. And colleagues, this now sets a clear ambition for us to deliver a comprehensive GST decision over the next 12 days,” he said.

In establishing the fund on the first day of the two-week COP28 conference, delegates opened the door for governments to announce contributions.

And several did, kicking off a series of small pledges that countries hoped would build to a substantial sum, including $100 million from the COP28 host UAE and another $100 million from Germany.

Earlier on Thursday, Jaber opened the summit by urging countries and fossil fuel companies to work together to meet global climate goals.

Governments are preparing for marathon negotiations on whether to agree, for the first time, to phase out the world's use of CO2-emitting coal, oil and gas, the main source of warming emissions.

Jaber, who is also the CEO of the United Arab Emirates' national oil company ADNOC, aimed to strike a conciliatory tone following months of criticism over his appointment at the head of COP28.

He acknowledged that there were "strong views" about the idea of including language on fossil fuels and renewables in the negotiated text.

"It is essential that no issue is left off the table. And yes, as I have been saying, we must look for ways and ensure the inclusion of the role of fossil fuels," he said.

He touted his country's decision to "proactively engage" with fossil fuel companies, and noted that many national oil companies had adopted net-zero targets for 2050.

"I am grateful that they have stepped up to join this game-changing journey," Jaber said. "But, I must say, it is not enough, and I know that they can do much more."

Agencies