COP 28: Countries Pledges Over USD 400 Million for Loss and Damage Fund

The Inspirer.

During Day 1 at COP28, nearly 200 nations agreed to operationalize on Loss and Damage fund to help vulnerable countries deal with more extreme climate events. The day saw over $400 million in pledges from at least 7 nations to start the program.

Commenting on Loss and Damage Fund, UN Secretary General posted on X, formerly Twitter, “I welcome the decision taken at the opening of #COP28 to operationalize the new Loss & Damage Fund – an essential tool for delivering climate justice. I call on leaders to make generous contributions and get the Fund and the Climate Conference started on a strong footing.”

An agreement to establish the Loss and Damage Fund was reached at COP27 last year however disagreements about how it should be funded and managed have been slow. Initial pledges to the fund today were made by the EU, which agreed to provide US$245 million including US$109 million from Germany. A further US$100 million came from the United Arab Emirates, with other contributions from the UK at about US$51 million, the US with about U$17.5 million and Japan with US$10 million.

COP28 is being held in Dubai between 30 November and 12 December 2023.