Challenges of COP28 and Innovative Sources of Finance for the New Loss and Damage Fund
On November 22nd, JCU welcomed Professor Benito Mueller and Dr. Federica Fricano for a talk entitled “Challenges of COP28 and Innovative Sources of Finance for the New Loss and Damage Fund.” The event is part of the Kushlan Lecture Series for Environmental Conservation and focused on the challenges of the COP28 conference, currently being held in Dubai. The lecture highlighted the loss and damages fund and the challenges of this year’s COP28 conference.
Professor Benito Mueller
Professor Benito Mueller of Oxford University is Managing Director of Oxford Climate Policy and Director of the European Capacity Building Initiative. Professor Mueller is an international authority on capacity building for developing country climate change negotiators.
Professor Mueller talked about the Manifesto of an Innovative Funding Source for the new Loss and Damage Response Fund. As he stated, the adoption of the Manifesto “should be voluntary, its implementation should be national, and its application should be mandatory by domestic law.” According to Professor Mueller, criteria must be introduced for funding countries affected by environmental disasters. Moreover, equitable participation from all countries must be ensured. Indeed, this fund should be allocated to developing countries based on their status, classified as: most vulnerable, developing, and developed. The worse their status, the more funds they will be able to use to recover from the environmental impact.
In the end, a practical approach should be taken in order to encourage countries to participate in this alliance to change the world.
Dr. Federica Fricano
Dr. Federica Fricano is Director of EU Affairs in the Environment Sector and International Strategies on Sustainable Development and Climate, at the Ministry of the Environment and Energy Security. She is a world expert on environmental policy and has served as a key member of international panels and fora dedicated to climate policy.
Dr. Fricano talked about the challenges of COP28. The main issues that the participants will be discussing for this year’s COP28 agenda are: the complex international geopolitical context of the world, the controversial incoming presidency of COP, the loss and damages fund, and the Paris Agreement goals.
In addition, JCU alumnus Giacomo Di Capua, as part of the UN Delegation, is representing the UN at the conference by advocating for an implementation plan and innovating sources.
The JCU COP Delegation was pleased to attend this insightful lecture in preparation for the COP28 Environmental conference in Dubai.
(Lynch Ainsley G. Sariola)