The European Union will make a “substantial” contribution to a new international fund for climate damages, the European Commission announced today.
Climate Commissioner Wopke Hoekstra met with COP28 President Sultan Al Jaber in Brussels on Monday (13 November) and in a joint statement they declared their shared conviction that the climate summit must achieve the “highest possible ambition”.
It “must accelerate practical action on mitigation, adaptation loss and damage and climate finance and build a fully inclusive COP28 that leaves no one behind,” they said.
The “substantial financial contribution by the EU and its member states” to the Loss and Damage fund will be announced during the summit in Dubai. No details have so far been given about the size of the planned contribution.
This international fund to address the destruction caused by climate change – known as the Loss and Damage fund – is set to be launched during COP28 after negotiators agreed on its structure earlier this month.