The adoption of the operationalisation of the Loss and Damage Fund at the 28th edition of the Conference of the Parties (CoP28) Thursday resulted in some of the world’s wealthy nations pledging over $500 million into the basket within 20 minutes.
The fund was agreed upon during CoP27 which took place in Egypt last year.
It is aimed at providing financial support to the poorest and most vulnerable countries to help them deal with the irreversible impacts of climate disaster.
The first to make a pledge was CoP28 president and host Sultan Ahmed Al Jaber who said his government was putting in $100 million to kick-start the funding process.
“Finance is the key that can unlock climate action, and the UAE is committed to supporting and facilitating the review of the international financial institutions to scale up public financing, leverage private finance and improve access,” Al Jaber said.
The European Union pledged $220 million while the United Kingdom, the United States, Japan and Germany also made their pledges.
Reacting to the pledges, Minister of Natural Resources and Climate Change Michel Usi said what Malawi desperately needs is action.
“We welcome the pledges. This is the first time for CoP delegates to adopt resolutions and, at the same time, make pledges. History has been made,” Usi said.
He added that Malawi will be following the funding mechanisms “with keen interest” as it is one of the countries that are vulnerable to climate change effects.
One of the civil society representatives at the conference, Julius Ng’oma, said the operationalisation of the Loss and Damage Fund is good for African countries, particularly least developed ones, that suffer the worst climate-induced loss and damage.
“It is a big win for Malawi, which has seen the worst climate change impacts in the past few years. We hope the financial pledges will quickly be turned into commitments and that money will quickly flow to address the loss and damage associated with the impacts of climate change,” Ng’oma said.
He said civil society organisations that have been fighting for the establishment of the funds are looking forward to countries honouring the commitment of ensuring a minimum of $100 billion per year by 2030 is mobilised towards loss and damage.
The fund is meant for developed countries to offer financial help to countries that have suffered from loss and damage associated with the impacts of climate change.
It is based on the fact that developed countries are the most responsible for global warming.
Source: The Daily Times_December 1, 2023_By Rebecca Chimjeka