COP28 Creates Milestone Legislation On Its First Day
(meant to be published on Dec 4th)
The past year has shown just how devastating even a tiny bit of climate change can be. However, over the next few decades, global warming is set to ramp up dramatically and send the entire world into turmoil. Yet, it won’t be the rich nations who are responsible for this planetary destruction that will pay the price; it will be the poor and developing who are crushed. This catastrophic inequity is a profound moral dilemma the international community has strived to solve for years. Well, on the first day of COP28, a global Loss & Damage Fund was finally set up to address this. But is it enough? Or is this just greenwashing and rose-tinted glasses?
What is the Loss & Damage Fund? The idea is incredibly simple. Developed nations that are overwhelmingly responsible for historical and current emissions will pay into a fund on a regular basis. When vulnerable and developing nations suffer from climate change, such as crop failures, lack of water and infrastructure damage, the fund will send them money to resolve this situation. While this is an ad-hoc approach to the climate crisis, it is a small yet significant set in making climate change more equitable.
The idea of the Loss & Damage Fund has floated about for years, but the international community has failed to reach an agreement on it multiple times. There was always a contention on how much developed nations would pay into the fund, who would qualify for funding, where the fund would be located, and how it would be administered. These issues might seem trivial, but each one affects the balance of influence over the fund. In other words, if these points weren’t sorted out properly, the fund would be wide open for abuse and manipulation.
This is where COP28 comes in.
COP28 started on the 30th of November. It is a seminal climate summit, as we only have a few years left to implement global legislation to phase out fossil fuels, limit climate change to 1.5 degrees Celsius, and mitigate the worst of its impacts. If we wait any…