The run-up to COP28 saw the organisation of ministerial consultations on the sidelines of the 78th United Nations General Assembly in New York. The aim of these consultations was to “strengthen political commitment” ahead of the December summit in Dubai. On Friday 22 September, a meeting focused on the implementation of the loss and damage fund adopted a year earlier at COP27 in Sharm el-Sheikh. This fund aims to finance losses and damage linked to climate change.
The Vice-President of the European Commission responsible for the ‘European Green Deal’, Maroš Šefčovič, shared the EU’s position on this fund and its financing arrangements. Hailed as a major step forward at COP27, the fund aims to respond to losses and damage linked to climate impacts.
Mr Šefčovič stressed the crucial importance of financing, particularly for the developing countries most affected by climate change. He stressed the need for predictable and adequate funding, recognising that this was a universal concern.
The EU has placed particular emphasis on the most vulnerable countries, such as the least developed countries and small island developing states. For Maroš Šefčovič, the fund should not only fill an obvious gap, but also add value to the range of existing financial arrangements. He called for the fund to attract a variety of contributions from governments, philanthropists and the private sector.
The day before, on 21 September, a meeting took place between the COP28 President-designate, Sultan Al Jaber, and Mr Šefčovič. They discussed the EU’s contribution to climate financing and cooperation in the run-up to COP28. “I commend Dr. Sultan Al Jaber for his efforts to make COP28 truly transformational”, said Vice-President Šefčovič on the X network (formerly Twitter).
In addition, Mr Šefčovič stressed the importance of a first global stocktake to establish a roadmap for the Paris Agreement. He called for concrete action to limit global warming to 1.5°C, stressing the urgent need for a global energy transition, improved energy efficiency and a significant reduction in methane emissions.
Although the European Commission is determined to play a central role in implementing financial solutions to climate change, Mr Šefčovič reiterated the importance of all countries, especially the largest emitters, actively committing to a sustainable future. (Original version in French by Nithya Paquiry)