BY Vivian Chime
In a historic move for climate action, the loss and damage fund has been operationalised at COP28 in Dubai, United Arab Emirates (UAE).
Loss and damage – a term used to describe climate impacts that are beyond what people can adapt to – was agreed upon at COP27 in Sharm El-Sheikh, Egypt to assist developing countries that are vulnerable to the adverse effects of climate change.
Within one year, a transitional committee worked on the details of the fund and drew up a framework for adoption at COP28.
As the United Nations climate change conference kicked off on Thursday, the fund became operationalised, receiving over $450 million in pledges.
Countries that came forward with pledges include the UAE with a pledge of $100 million, Germany with $100 million, the United Kingdom committed $60 million, USA pledged $17.5 million and Japan also pledged $10 million.
The rest of the European Union collectively pledged an aggregate of $145.7 million
In her speech, Svenja Schulze, German federal minister of economic cooperation and development, who represented Chancellor Olaf Scholz, said the decision shows groundbreaking solidarity for the most vulnerable.
Alison Campbell, the UK lead negotiator, said the operationalisation of the fund is historic, adding that it is now time for the fund to get to work.
She said the UK’s pledge includes £40 million for the new fund and a further £20 million for funding arrangements including for early warning systems and disaster risk finance.
On his part, John Kerry, US climate envoy, said he expects the fund to be up and running quickly to help address priority gaps in the current landscape of support.
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