The European Union (EU) has announced a significant financial contribution to a new international fund aimed at addressing the impacts of climate change, as reported by Reuters on November 13. The fund, focused on climate “loss and damage,” is set to be launched during the United Nations COP28 climate summit in Dubai. The EU did not specify the amount of its planned contribution but emphasized its commitment to making a substantial financial commitment. Additionally, the EU intends to provide funding at COP28 to support countries in tripling global renewable energy capacity by 2030.
The announcement is expected to play a role in facilitating discussions on crucial issues such as phasing out fossil fuels and reducing emissions during COP28. While no specific financial pledges have been made by other countries, some have expressed interest, and the U.S. climate envoy, John Kerry, indicated Washington’s intention to contribute “several millions of dollars” to the fund at the summit. The UAE, a high-income country, faces pressure from European states to contribute to U.N. climate funds, despite not being obliged to do so.