COP28 gets underway in Dubai with call for ‘terminal decline’ of the fossil fuel era

Illuminem summarizes for you the essential news of the day. Read the full piece on UN News or enjoy below:

🗞️ Driving the news: The UN climate conference COP28 in Dubai has gained momentum with the announcement of the operationalization of a 'loss and damage' fund, a key demand of developing nations. UN Secretary-General António Guterres and COP28 President Sultan al-Jaber have welcomed this development
• Several countries, including the UAE and Germany, have pledged substantial contributions to the fund

🔭 The context: The fund aims to support vulnerable nations facing the impacts of climate change, such as extreme weather events
• This follows years of negotiations, emphasizing the increasing costs of climate-related devastation in developing countries

🌍 Why it matters for the planet: The establishment of this fund is crucial for climate justice, aiding nations that contribute least to greenhouse gas emissions but face severe climate-related destruction
• It's seen as a vital step in addressing global climate inequities

⏭️ What's next: Attention now turns to how this fund will be operationalized and managed
• Discussions at COP28 will likely focus on the fund's governance, the criteria for allocating resources, and how it will integrate with broader climate financing mechanisms

💬 One quote: "We are taking baby steps and stepping far too slowly to work out the best responses to the complex climate impacts we are faced with" (Simon Stiell, UNFCCC Executive Secretary)

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