The European Union will make a “substantial” financial contribution to a new international fund to tackle the devastation caused by climate change, the EU’s executive commission has announced, reports RTE.
The world’s first “loss and damage” climate fund will be launched at the UN’s COP28 climate summit, which will be held in Dubai, United Arab Emirates, from November 30 to December 12.
“The Commissioner is ready to announce substantial financial contribution by the EU and its member states to the loss & damage fund at COP28 in the context of an ambitious outcome at COP28,” the European Commission and the UAE’s incoming COP28 president said in a joint statement, referring to EU Climate Commissioner Wopke Hoekstra, reports RTE.
The EU has not specified the size of the planned contribution.
The 27-nation bloc also plans to provide funding at COP28 to help countries meet their pledge to triple global renewable energy capacity by 2030, the statement said.
Finance is one of the key topics at the UN’s annual climate talks. The EU’s move could help prepare other agreements at COP28, where countries will consider whether to phase out fossil fuels and take other steps to reduce emissions.
US climate envoy John Kerry said in a speech at the Bloomberg New Economy Forum in Singapore that he would put “several millions of dollars into the fund at the COP,” reports RTE.
The UAE is among the few high-income countries not required to contribute to the UN climate fund but is facing pressure from European countries to do so.
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