Today: 30 May 2025
15 November 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

World needs Dubai’s ambition: Morgan

Piers Morgan has hailed Dubai’s transformation as an example of what visionary leadership can achieve. British broadcaster Piers Morgan has praised the extraordinary ambition and vision of His Highness Sheikh Mohammed bin

Mohammed honours football champions

Ruler of Dubai hails players as role models during palace reception His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, received the

Abu Dhabi sets 2050 energy vision

Abu Dhabi unveils AED400 billion energy roadmap, inked climate finance pact ahead of 2026 UN Water Conference Abu Dhabi has unveiled a sweeping strategic framework to transform its energy and water sector

Gargash: UAE’s pragmatism sets regional example

Anwar Gargash says the UAE stands as a beacon of what is possible when pragmatism and vision come together. As political instability, economic fragmentation and rapid technological change continue to reshape the

US flag returns to Damascus

Billions in energy deals and lifted sanctions mark Syria’s reintegration, as US reopens embassy and declares the war-torn nation “open for business” under new regional partnerships. The United States has reopened its
Go toTop

Don't Miss

AIM Congress: BRICS+ Forum Explores Economic Ties

The BRICS+ Business Forum deliberated on crucial topics concerning global

Central Bank considers Emiratisation of banking, insurance professions

The Board approved the CBUAE’s projected budget for the year