Developed countries have announced a small flurry of climate finance pledges in the first two days of the UN Cop 28 climate summit, including contributions to the newly-agreed loss and damage fund.
Italy and Canada pledged €100mn ($108.7mn) and C$16mn ($11.8mn), respectively, to the loss and damage fund — the setup of which was agreed on the summit's opening day. Parties agreed at last year's Cop 27 to establish the fund, to address the irreversible and unavoidable effects of climate change, particularly for vulnerable and developing countries.
Denmark pledged $25mn to the loss and damage fund, and a further $25mn to "other projects on loss and damage" such as the early warning system for extreme weather events that UN secretary-general Antonio Guterres is championing. Denmark last year was the first country to launch a "dedicated loss and damage package", of $15mn.
"Wealthier countries must take greater responsibility and contribute more to loss and damage caused by climate change, especially in the most vulnerable regions of the globe," said Danish minister for development co-operation and global climate policy Dan Jorgensen.
The commitments join several made yesterday by the UAE, Germany, the US, the UK and Japan, totalling just over $303mn. Other countries are likely to contribute over the coming days, including EU member states.
"Of course, the EU will contribute to the new loss and damage fund," European Commission president Ursula von der Leyen said today. "As of today, team Europe is contributing more than $270mn so far."
Aside from the loss and damage fund, European countries made separate climate finance pledges today. Switzerland promised 171mn Swiss francs ($195mn) for various initiatives, including SFr135mn for the UN's Green Climate Fund and SFr15mn apiece for the African Development Bank's climate action window and for the UN-convened Adaptation Fund.
Norway pledged 500mn kroner ($46.5mn) to three adaptation projects over five years, and $100mn to Indonesia for the latter's deforestation efforts. The UK will announce £1.6bn ($2bn) in climate finance during Cop 28, its government said today. Of this, £888mn is new funding, outside the UK government's pledge to spend £11.6bn on international climate finance between 2021-22 and 2025-26.
Cop 28 host the UAE today committed $200mn in special drawing rights to "support climate resilience in developing countries". This follows its new $30bn climate fund, also announced today.
Climate finance was destined to be a key topic for Cop 28, partly to restore trust between developed and developing countries. Climate talks in June stalled as developing nations called on wealthy, industrialised countries to provide meaningful finance to tackle emissions reduction and climate change.
