AfricaBreaking NewsClimate Change/ESG

African Nations Secure Breakthrough Deal on Climate Funding at COP28 in Dubai

During the COP28 climate conference in Dubai, a historic breakthrough occurred as African nations, under the leadership of the outgoing Chair of the African Group of Negotiators (AGN), Hon. Eng. Collins Nzovu, MP, successfully negotiated a groundbreaking deal to put the Loss and Damage Fund into operation. 

This accomplishment follows over three decades of unwavering efforts by developed countries to hinder funding for nations most severely impacted and least responsible.

The breakthrough traces back to the COP27 summit in Egypt, where the AGN played a pivotal role in advocating for a formal agreement to establish a new, comprehensive fund along with funding arrangements. 

On the inaugural day of COP28, the culmination of these efforts resulted in a historic agreement that received a standing ovation from delegates.

Hon. Collins Nzovu, as the outgoing Chair of the AGN, expressed pride in this monumental achievement and conveyed this message to fellow African ministers. 

Addressing queries about the nature of “loss and damage,” Hon. Nzovu clarified that it is a global financial package designed to facilitate the rescue and rehabilitation of countries grappling with the escalating effects of climate change.

The term “loss and damage” signifies compensation that developed nations, responsible for significant carbon emissions, must provide to less industrialized nations facing severe consequences such as rising sea levels, floods, droughts, and cyclones. 

The impacts extend beyond environmental concerns to affect lives, livelihoods, biodiversity, cultural traditions, and identities.

On the opening day of COP28, a loss and damage fund was officially launched to aid vulnerable countries in coping with the impact of climate change. The initial funding is estimated at $475 million, with substantial pledges from key contributors. 

The host UAE pledged $100 million, the European Union committed $275 million, the US contributed $17.5 million, and Japan pledged $10 million.

President Hakainde Hichilema, in his role as Chairman for the African Group of Negotiators at the Presidential level, provided crucial leadership during the negotiation process. 

Hon. Nzovu expressed gratitude to the African Union Commission and AUDA-NEPAD for their support, emphasizing that the journey continues. 

He stated, “This is not the end; we need to ensure that pledges are fulfilled. Zambia remains committed to working with the incoming AGN chairmanships to maximize the benefits of this deal.”

The achievement marks a significant milestone in global efforts to address climate change and support nations disproportionately affected by its consequences. 

As COP28 progresses, the world watches closely to witness the tangible impact of this commitment on the ground.

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