Countries Establish Historic Loss and Damage Fund
DUBAI — On the opening day of the COP28 UN climate summit, governments adopted the governing instrument to formally establish a new fund to support particularly vulnerable countries dealing with loss and damage resulting from climate change. An initial group of countries announced contributions to the fund of more than $400 million: UAE $100 million, Germany $100 million, other European contributions of $145 million equivalent, UK $50.6 million equivalent, the United States $17.5 million, and Japan $10 million.
Following is a statement from Joe Thwaites, senior advocate for International Climate Finance at NRDC (Natural Resources Defense Council):
“This is an historic achievement. The loss and damage fund will provide urgent assistance to vulnerable communities living on the frontlines of the climate crisis they did little to cause. All wealthy and high-emitting countries now have a responsibility to step up and contribute to the fund.
“The fact that governments agreed to the fund at the start of COP cleared the way for world leaders to make ambitious pledges of support. Early contributions ensure the fund gets up and running on its critical mission as soon as possible.
“Governments, the private sector, and innovative sources — such as levies on international shipping and aviation emissions — can all contribute to the fund. Fossil fuel companies that have done the most to drive the climate crisis should also contribute – and if they do not do so voluntarily, governments should compel them to.”
NRDC (Natural Resources Defense Council) is an international nonprofit environmental organization with more than 3 million members and online activists. Established in 1970, NRDC uses science, policy, law, and people power to confront the climate crisis, protect public health, and safeguard nature. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Bozeman, MT, Beijing and Delhi (an office of NRDC India Pvt. Ltd). Visit us at www.nrdc.org and follow us on Twitter @NRDC.