The Fund Changes the Climate Action Dynamics & Catalyzes Mitigation & Adaptation Efforts
Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, praised the announcement by some countries including UAE, Japan, UK and Germany during COP28 in Dubai of contributions to the capital of the Loss and Damage Fund, which was launched during COP27 in Sharm El Sheikh last year.
Mohieldin told CGTN, during his participation in COP28, that the activation of the Loss and Damage Fund and the increase of its capital meets the aspirations of developing countries, emerging economies and small islands that have suffered from the effects of climate change for years during which they looked for real support to help them implement climate solutions and deal with the loss and damage of climate change.
Mohieldin explained that the cost of climate change losses and damage is tens of billions annually and is increasing, adding that the Loss and Damage Fund would change the dynamics of climate action, and urged actors to contribute more effectively to mitigation and adaptation efforts.
Mohieldin noted that the announcement by some countries to contribute to the capital of the Loss and Damage Fund is an early promising and positive outcome of COP28, in which the fund will be officially activated.
