COP 28 adopts decision of establishing Loss and Damage Fund

CAIRO – 30 November 2023: The first session of the UN Climate Change Conference (COP28), held on Thursday, adopted the 2022 decision of the establishment of a long-awaited Loss and Damage Fund for assisting developing countries that are particularly vulnerable to the adverse effects of climate change.

The UAE pledged $100 million for the fund, as announced by Sheikh Abdullah bin Zayed Al-Nahyan, UAE minister of foreign affairs and international cooperation.

Egyptian Foreign Minister Sameh Shoukry handed over the presidency of the UN Climate Change Conference to COP28 President-designate Sultan Al-Jaber on Thursday. Shoukry stressed that it is of crucial importance to continue building on previous achievements, and implement what has been agreed upon.

“We cannot achieve our common goals without having everyone on board, most importantly the Global South. We need to start delivering on climate justice and provide the needed tools as agreed in Sharm El-Sheikh to fund loss and damage. One of the most anticipated outcomes of COP28 is for the Loss and Damage Fund to be fully activated,” he added.

Shoukry said that establishing the Loss and Damage Fund announced during Egypt’s Presidency of COP27, launching the Just Transition Action Program, and agreeing on the Mitigation Action Program reflect the firm commitment to global climate action.

He noted that COP27 opened the door for a better era in mitigating climate change impact by calling for reforming international financial institutions, highlighting the importance of renewable energy, and supporting the adaptation agenda that stipulated unprecedented outcomes on water, oceans and forests.