Earlier, there were different opinions on the fund, especially among developing countries and prosperous countries. Donor rich countries urged the funding to be done by the World Bank. However, the developing countries saw the West is too dominating the World Bank. Now, the agreement was achieved, that at least one member of the developing countries will sit in the committee.
In the summit in Dubai, President Joko Widood said that Indonesia has successfully reduced carbon emission by increasing deforestation control and forest degradation, as well as getting recognition from the international community. But, Indonesia is yet to receive full payment for its success in reducing emission as agreed in the REDD+ mechanism.
Regarding the appropriate operation of the climate damage fund, mainly on the number and contribution from industrial countries, it must still wait until next year. However, the climate damage compensation fund agreement was good news for the COP28 in Dubai which was joined by 200 countries. Obviously. two wars have replaced climate as the hottest geopolitical issue.
The climate summit was held in a year that is almost the hottest year in history. In 2023, there were 86 days on which the average temperature rose by 1.5 degree if compared before the industrial revolution. The extreme condition faced by the world in 2023 is often mentioned as the "new normal". Without additional climate policy, the new normal condition was worried to lead to a more extreme new normal.
All summit participants in Dubai knew that there was a big gap between what was needed to prevent the warming from being uncontrollable, and what has been agreed so far. Fundamentally, all agreed that there is more to be done in line with the Paris Agreement 2015, which was signed by almost all countries in the world. But the discussion was always tough.