November 15, 2024
2 mins read

UAE hails COP29 progress on Loss and Damage Fund 

COP29 has drawn broad international participation, with a renewed vision aimed at accelerating global climate action…reports Asian Lite News

The COP28 Presidency was handed over to Azerbaijan on 11th November, where during the opening ceremony, significant emphasis was put on the need for accelerated action to drive the implementation of the UAE Consensus announced in Dubai last year. 

At the 29th Conference of the Parties (COP29) in Azerbaijan, the UAE participated in the operational launch of the Fund for Responding to Loss and Damage (FRLD). The FRLD is now accepting contributions and is expected to start financing projects in 2025. 

Abdulla al Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability, and Member of the FRLD Board, said: “We stand united in our collective aim to support those that are impacted by climate-induced damages; especially those throughout vulnerable communities where the greatest burden often falls. For these communities, the impacts of loss and damage extend far beyond economic hardships. They bear the weight of irreplaceable losses—losses that affect their culture, identity, and very way of life.” 

“It is our shared responsibility to progress a united effort and strengthen coordination, foster meaningful knowledge sharing, and, most importantly, mobilise resources at an unprecedented level. As we mark this important milestone, let us renew our commitment to collective action, every effort, and every policy implemented serves those most impacted. The UAE stands ready to contribute towards a future of resilience and climate justice for all.” 

Last year, at COP28 in Dubai, countries from across the globe signed the landmark UAE Consensus, ushering in a new chapter of ambitious climate action which aimed to re-engage the world with the priorities of our planet. The UAE Consensus is a living, breathing climate action framework to keep 1.5°C within reach, setting out ambitious targets in areas ranging from transitioning away from all fossil fuels to reach net zero by 2050, to tripling renewables and double energy efficiency by 2030. 

The agreement to operationalise and capitalise FRLD was passed on the first day of COP28 – the first time such a substantive decision had been made on the first day of a COP. Parties made history through the operationalization and initial capitalisation of the Fund for Responding to loss and damage, which amounted to over $850 million in the first 48 hours of the opening of COP28. 

COP29 has drawn broad international participation, with a renewed vision aimed at accelerating global climate action. By aligning global priorities with practical capacities and turning them into tangible and equitable outcomes, the UAE will help ambitiously accelerate action. 

The UAE launched its dynamic and robust programming on Wednesday 13th at its Pavilion and at Goals House. These insightful discussions will bring together climate experts, government officials, private sector leaders, academics, and youth to exchange ideas and co-create solutions for the most pressing climate challenges. 

ALSO READ: COP29: UAE urges greater collaboration, inclusion, education 

Previous Story

Hamdan meets with CEO of X Corp 

Next Story

Dubai to host grand Diwali celebration 

Latest from -Top News

Goyal Courts Global CEOs in Paris

Piyush Goyal is on an official trip to France with the aim of boosting trade and investments…reports Asian Lite News Commerce and Industry Minister Piyush Goyal met with leading global CEOs in

India Gains Malaysia’s Backing on Terror

The visit of the all-party delegation to Malaysia is part of India’s strategic outreach to garner international support against cross-border terrorism emanating from the soil of Pakistan….reports Asian Lite News An Indian

India Signals FTA with Oman

The talks for the free trade pact with Oman started in November 2023, and Goyal visited the Gulf country from January 27 to January 28….reports Asian Lite News Commerce and Industry Minister

Hasina Charged with Crimes Against Humanity

The charges, which were made public on Sunday, mark a significant turn in the political landscape of Bangladesh…reports Asian Lite News Former Bangladesh Prime Minister Sheikh Hasina has been formally charged with

Syria Strikes $7b Deal

The agreements, signed in the presence of Syrian leader Ahmed al-Sharaa, mark a total investment of 7 billion U.S. dollars…reports Asian Lite News – Syria signed a series of memoranda of understanding
Go toTop

Don't Miss

Jerusalem violence: UAE to host Arab union meeting

Leaders around the world expressed concern about the escalating violence

Mswipe Technologies enters UAE

uTap will help merchants accept payments, both offline and online,