Minister of Climate Change, Environment and Energy Thoriq Ibrahim has described the Loss and Damage Fund as a crucial fund for nations such as the Maldives grappling with the adverse effects of climate change.
Speaking at the 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) on Friday, Minister Thoriq commended the diligent efforts by the Transitional Committee whose recommendations gave rise to the Fund.
Loss and Damage Fund is aimed at providing financial assistance to nations most vulnerable and impacted by the effects of climate change. The Fund was operationalized at the launching of COP28, marking the first time a resolution was adopted on the opening day of a COP.
Initial pledges made by nations to the Fund are as follows;
Germany – USD 100 million
UAE – USD 100 million
UK – USD 50.5 million
US – USD 17.5 million
Japan – USD 10 million
Minister Thoriq, acknowledging the pledges, called upon developed nations put in funds that are necessary to establish the fund at scale.