The European Union will make a “substantial” contribution to a new international fund for climate damages, the European Commission announced today.
Climate Commissioner Wopke Hoekstra met with COP28 President Sultan Al Jaber in Brussels on Monday (13 November) and in a joint statement they declared their shared conviction that the climate summit must achieve the “highest possible ambition”.
It “must accelerate practical action on mitigation, adaptation loss and damage and climate finance and build a fully inclusive COP28 that leaves no one behind,” they said.
The “substantial financial contribution by the EU and its member states” to the loss and damage fund will be announced during the climate summit in Dubai which begins in November.
No details have so far been given about the size of the planned contribution.
What is the loss and damage fund?
The international fund to address the destruction caused by climate change – known as the Loss and Damage fund – is set to be launched during COP28.
Countries agreed to launch it at last year’s UN climate summit in Egypt. It was hailed as a breakthrough by vulnerable states which have long demanded funding from wealthy nations whose historic carbon emissions caused climate change.
Last month a group of negotiators met to figure out the structure of this crucial fund. But some, including the US and several developing countries, expressed disappointment with the final draft agreement which will be sent for world leaders to sign at COP28.
The COP28 President welcomed the commitment by the EU, saying that it could impact “billions of people, lives and livelihoods who are vulnerable to the effects of climate change”.
Source: Euro News