TEMPO.CO, Jakarta - The loss and damage fund promised at COP28 will not do much to tackle global warming. Global temperatures continue to rise.

The commitment from developed countries at the 28th United Nations Climate Change Summit (COP28) in Dubai, United Arab Emirates, to pay out funds for ‘loss and damage’ caused by climate change was a little more than a sweetener. The total size is not very large when compared with the need for funds to mitigate the climate crisis caused by global warming.

At COP28, the developed and industrial countries once again promised to pay out loss and damage funding amounting to almost US$429 million. This is equivalent to only 0.1 percent of the total funds required to mitigate the impact of global warming, estimated to total US$400 billion this year. This fund will be paid to developing nations most vulnerable to the impacts of global warming.

This figure becomes even more meaningless because the losses and damage resulting from climate change continue to rise, in line with the increase in anomalous global temperatures. According to the website of the National Oceanic and Atmospheric Administration, anomalous global temperatures from January to October this year are at the highest level in the last 174 years. The average anomalous global temperature this year was 1.13 degrees Celsius.

Anomalous global temperatures this year were marked by the El Niño, which affected half of the planet, including Indonesia. Extreme drought has had multiple impacts on the people of Indonesia, from the drying up of rice fields and plantations to the halting of operations of a number of hydroelectric power stations, which resulted in blackouts.

Environmental researchers estimate that global temperatures will shortly reach a tipping point if the nations of the world do not significantly reduce the use of fossil fuels, including coal. This energy source is the main contributor to emissions of carbon dioxide and other greenhouse gases. The global temperature threshold level is at 1.5 to 2 degrees Celsius. Current global warming trends indicate that the 2015 Paris Agreement—which drew up a plan for zero carbon emissions by 2050—is not being implemented properly.

The lack of seriousness in tackling climate change was also seen in the appointment of Sultan Al Jaber as COP28 President. Al Jaber is the head of the Abu Dhabi National Oil Company. As a result, the climate change conference in Dubai turned into a joke because it handed over its leadership to the boss of a company producing fossil fuels.

At this conference, Al Jaber put forward an idea to reduce the use of fossil fuels in stages over the next few decades. But many found it difficult to trust this offer. Al Jaber’s proposal was in sharp contrast to the business plan of the company that he leads. ADNOC is planning to increase oil crude oil production capacity to 5 million barrels per day in 2027 from the previous level of 4 million barrels per day in 2022.

To stop the climate crisis, there is no other choice. Every nation on Earth, including Indonesia, must reduce its dependency on burning fossil fuels. Every nation must consistently undergo a transition to environmentally friendly energy to stop our world from burning.

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