Rwanda Among Beneficiaries as COP28 Adopts Disaster Fund

The New Times.

Rwanda, among other vulnerable nations, is set to benefit from the newly approved Loss and Damage Fund (LDF), aimed at aiding countries dealing with costly climate-related disasters.

On the inaugural day of the 28th UN Climate Change Conference (COP28) on November 30, the adoption of the fund was a significant step toward supporting countries affected by severe climate events, such as Rwanda.

The operationalization of the fund marks a pivotal moment, as governments swiftly pledged support upon its establishment. Within just an hour of the decision, over $420 million was pledged, reflecting a collective determination to assist those most impacted by climate change. Contributions included $100 million from the host nation, the United Arab Emirates, $17.5 million from the United States, and $10 million from Japan.

Notably, the European Union pledged $245.39 million, including a significant commitment of $100 million from Germany, while the United Kingdom vowed $75 million to the Loss and Damage Fund, emphasizing the necessity of meaningful assistance for the world’s most vulnerable regions.

UN Secretary-General António Guterres commended the decision to operationalize the Loss and Damage Fund, emphasizing its critical role in delivering climate justice. He urged world leaders to rally behind this initiative, emphasizing the importance of supporting vulnerable nations grappling with the adverse effects of climate change.

For years, the demand for a fund to aid developing countries in coping with climate-related impacts had hindered progress in global climate negotiations. Julie-Anne Richards, Strategy Lead at Loss and Damage Collaboration (L&DC), stressed the urgency of immediate support from developed nations to address the escalating climate challenges faced by developing countries.

Rwanda’s urgent need for support from the Loss and Damage Fund was underscored by Faustin Munyazikwiye, Deputy Director General of Rwanda Environment Management Authority (REMA) and Chief Negotiator at COP28.

Munyazikwiye highlighted the devastating floods and landslides in May 2023, which claimed 135 lives and displaced over 20,000 people across Western, Northern, and Southern provinces. He emphasized that Rwanda requires more than Rwf500 billion for recovery interventions following these disasters.

President Kagame also attended the Sustainable Markets Initiative (SMI) reception during the COP28 in Dubai, where discussions on climate resilience and global partnerships were paramount.

Kagame reiterated Rwanda’s need for support and highlighted the significance of the Loss and Damage Fund in enhancing the country’s climate resilience strategies.

Source: The New Times