EU pledges 'significant' contribution to COP28 climate damage fund

The world's first climate "Loss and Damage" fund will be launched during the United Nations COP28 climate summit, held from November 30 to December 30 in Dubai, United Arab Emirates (UAE).

Environmental activists hold a banner reading "Loss and damage, finance now" on the sidelines of the New Global Financial Pact Summit, in France on January 23, 2023. Photo: Reuters

The 27-nation bloc also plans to pledge funding at COP28 to help countries meet their commitment to triple global renewable energy capacity by 2030, the statement said.

Finance is one of the biggest issues at the annual UN climate talks, and the EU’s move could help push for other agreements at COP28, where countries will consider whether to phase out fossil fuels and take other steps to cut emissions.

Adnan Amin, CEO of COP28, said the aim was to ensure several hundred million US dollars were raised by the end of the event. He said he was “hopeful” that the COP28 host country, the UAE, would also contribute.

At last year's United Nations climate talks, countries agreed to launch a climate damage fund, a deal hailed as a breakthrough by more vulnerable, developing nations that have long asked for help to cope with climate damage from droughts, floods and rising sea levels.

So far, no country has made a specific financial commitment to the fund, although some have expressed interest.

At the Bloomberg New Economy Forum in Singapore last week, US climate envoy John Kerry said Washington would put “several million dollars into the fund at the COP”.

The UAE is among a handful of high-income countries with no obligation to contribute to the UN climate fund, but is facing pressure from European nations to do so.

Mai Anh (according to Reuters)

Source: https://www.congluan.vn/lien-minh-chau-au-cam-ket-dong-gop-dang-ke-cho-quy-thiet-hai-khi-hau-cop28-post272355.html