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COP28 Inaugurates with Historic Fund Capitalization and Unprecedented Climate Pledges on Day One

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Dubai, November 30: In a historic start to COP 28 in Dubai, world leaders and negotiators convened to celebrate unprecedented achievements, setting an optimistic tone for ambitious climate action. The conference, hosted in the United Arab Emirates, witnessed a recap of the momentous decision made in Sharm El Sheikh last year, leading to the establishment of a dedicated fund for climate change initiatives.

The challenge at hand was to operationalize this fund within a remarkably short timeframe of one year, involving a series of five committee meetings to meticulously work out the details and secure the necessary seed capital. The news of progress on loss and damage initiatives during the early days of the UN climate conference was hailed as a significant stride forward.

Executive Secretary Simon Stiell urged governments and negotiators to seize the momentum generated by this achievement and translate it into genuinely ambitious outcomes. The call was for a departure from traditional negotiating stances, emphasizing the need to find practical solutions and forge pathways forward.

COP 28 President Dr Sultan Al Jaber expressed not only pleasure but excitement over the unprecedented milestones achieved on the first day of the conference. This included the swift adoption of the agenda and the historic capitalization of the fund, which exceeded $420 million within the initial hour. The President reiterated a commitment to keeping global warming below the critical 1.5-degree threshold and delivering the highest level of ambition.

COP28 Director General Amb Majid Al Suwaid acknowledged the success of the conference’s early days, attributing it to strong leadership and guidance. He applauded the unconventional approach of COP 28 President Sultan Al Jaber, focusing on tangible results rather than rhetoric. The importance of inclusivity in the agenda, engaging both parties and non-parties, was underlined.

Chief Negotiator Hana Alhashimi, expressing gratitude for leadership, outlined the monumental achievements of COP 28. The emphasis was on inclusivity, with a diverse negotiating team, including young Emiratis and women. The commitment to translating momentum into actionable outcomes and the need for timely adoption of the agenda were stressed.COP 28’s program was detailed, featuring critical sessions on climate finance, adaptation, and mitigation.

The importance of strong results from negotiations and an action agenda involving various stakeholders, including civil society and business communities, was highlighted. The Chief Negotiator emphasized the global stocktake as an opportunity for a new era of climate action. Acknowledging the complexity of technical negotiations with over 160 items on the agenda, there was a call for their timely adoption. The capitalization and operationalization of the fund were recognized as critical achievements, showcasing the success of multilateralism. The Chief Negotiator expressed hope for sustained momentum and support in the coming weeks.

The emphasis on practical actions, inclusivity, and turning momentum into tangible outcomes underscored the commitment to addressing the global challenge of climate change. 


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