In Dubai, United Arab Emirates, nations are on the brink of finalizing a hard-won agreement on Thursday to establish an international fund aimed at assisting communities in rebuilding from climate-induced disasters. This development marks a notable success for the opening day of the U.N. climate talks.
The hosts of the summit, known as COP28, released a draft agreement on Wednesday that would accept wholesale the recommendations a handful of countries adopted earlier this month. It includes a provision, demanded by the United States, that says all contributions to the fund are voluntary.
According to five diplomats from European and African nations, speaking anonymously to POLITICO about the negotiations, there is a likelihood that the draft deal will be adopted at the opening of the summit in Dubai.
The remaining issues include determining the fund’s monetary size and its funding sources. The current draft encourages developed countries to take the lead in providing financial resources to initiate the fund, although no firm pledges have been made yet. the brink of finalizing
Securing a deal on the first day would resolve a longstanding point of contention, allowing delegates to shift their focus to addressing the root cause of the climate crisis—the combustion of fossil fuels. Achieving this would be a positive signal for a conference facing challenges such as geopolitical disruptions, a robust fossil fuel industry, and climate activists’ concerns about a major petroleum-producing state hosting the event. However, reaching a final agreement among nearly 200 participating countries remains a crucial step in the two-week conference.