The European Union will make a"substantial" financial contribution to a new international fund addressing the destruction caused by climate change, the EU's executive Commission has said.
"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.
Adnan Amin, CEO of the COP28 summit, said the aim was to secure several hundred million US dollars for it by the end of the event. He said he was"hopeful" that the COP28 host, the UAE, would also make a contribution. Countries agreed at last year's UN climate talks to launch the climate damage fund, a deal hailed as a breakthrough by more vulnerable, developing nations that have long demanded support to cope with climate-driven damage from drought, floods and rising seas.