TRANSCRIPT
A significant pledge by several nations to kick off the COP-28 climate summit in Dubai.
World leaders have unanimously approved much-fought over plans to launch and fund a new program to compensate poorer nations hit by floods, storms, drought and other climate extremes.
It took 30 years to approve the program, which already has over A$680 million in pledges, with that number expected to grow.
Contributions have been made by summit host United Arab Emirates, the UK, the United States, Japan, the European Union and Germany.
Australia has yet to contribute - but in October rejoined the UN's Green Climate Fund after exiting in 2018.
President of COP-28, Sultan Ahmed Al Jaber, says the world just took a big step toward.
"For those who have been involved in previous COPs, this is just unprecedented. The fact that we have been able to deliver what was promised in Sharm el Sheik, the fact that we have been able to activate, operationalise, and pass the threshold that have been associated with the establishment of this fund, is historic and is a unique, unprecedented achievement."
Mr Al Jaber has recently faced criticism over accusations he's using the summit to make oil and gas deals with 15 nations - accusations he has denied.
Developing nations have long sought to address the problem of inadequate funding for responding to climate disasters caused by climate change.
It comes as the World Meteorological Organisation has confirmed it's 'virtually certain' 2023 will be hottest year on record.
Initial steps toward creating the fund was a major accomplishment at last year's United Nations climate conference in Egypt, but it was never finalised.
Climate envoy from Barbados Avinash Persaud says the agreement is something nations like his have been waiting a long time for.
"In particular, small island states who are the canaries in the mine on climate change, who have been experiencing climate loss and damage before many others, have been arguing for the need for some special funding. We have, with this lack of funding, created this climate and debt nexus. All the climate vulnerable countries are now also the world's most indebted countries because of having to fund reconstruction and rehabilitation without funding."
A recent report by the United Nations indicates estimated that developing countries require up to A$585 billion per year until 2030 to adapt to climate impacts, with the figure set to rise significantly by 2050.
Germany's Special Climate Envoy Jennifer Morgan has described the agreement as an early victory, saying it sends a strong message to fossil fuel companies.
"Every fossil fuel CEO right now needs to be - to decide - which side of history he or she is on. And it's very clear that we're in a climate crisis, that further development of fossil fuels according to the science is not in line with 1.5. They're coming here, as the COP president said, to roll up their sleeves and find the answers."
But even after the agreement, many details of the loss and damage fund have been left unresolved, such as how large it would be and who would administer it over the long term.
Greenpeace Australia have welcomed the deal, with head of advocacy Dr Susie Byers saying Australia should also make a significant contribution.
"The pledge from the UAE is a good first step. But now the loss and damage fund needs to be filled. Australia is the third largest fossil fuel exporter in the world. And a major contributor to global emissions. And so, the Albanese government absolutely has a responsibility to step-up and to make a serious contribution to the loss and damage fund."
Other conference goals will be even harder to achieve.
There will be difficult negotiations on whether to agree for the first time to phase out the entire world’s use of coal, oil and gas.
