Deal on loss and damage fund clears way for COP28, EU climate chief says
(EurActiv, 6 Nov 2023) A UN-level agreement on the Loss and Damage Fund to compensate vulnerable countries for natural disasters caused by climate change opens the way for higher climate mitigation goals at the upcoming COP28 summit in Dubai, the EU’s climate chief has said.
The Fifth Meeting of the United Nations Framework Convention on Climate Change (UNFCCC) Transitional Committee on Loss and Damage concluded on Sunday (5 November) with agreement on a list of recommendations for implementing funds, which will be taken forward at COP28.
At the COP28 summit opening on 30 November, parties to the UNFCCC will now be responsible for operationalising the fund, including key provisions on grant-based support for countries particularly hit by climate change.
EU climate chief Wopke Hoekstra welcomed the deal as a “crucial step forward” ahead of COP28.
“This agreement on loss and damage should pave the way for a strong outcome in the Global Stocktake regarding deep emissions reductions this decade as the best way to minimise loss and damage,” Hoekstra wrote on X.
“Now, it needs to be married to the highest possible ambition on climate mitigation,” he added, saying the EU “will continue its push for ambition” at COP28.