Pakistan applauds $575 million ‘loss and damage’ fund at COP28 in Dubai

On Thursday, Pakistan applauded the historic achievement at COP28 as the Loss and Damage Fund sees swift operationalization with 575 million dollars pledged within the first hour of the conference’s opening session in Dubai.

The European Union’s commitment of $225 million is a significant part of the pledge made towards the establishment of the Loss and Damage Fund, marking a momentous occasion following Pakistan’s crucial role as the Chair of the G77 and China group at COP27 in Egypt, where it advocated for the fund’s creation.

Over the past year, Pakistan actively participated as a member of the transitional committee responsible for finalizing recommendations on the fund’s operationalization, underscoring the country’s dedication to addressing climate change impacts on vulnerable nations.

The Pakistani delegation expressed gratitude for the rapid global response to the fund’s initiation, recognizing its vital role in mitigating climate-related challenges, especially for nations facing vulnerabilities.

While the initial pledges total $575 million, it is acknowledged that these contributions are insufficient to address the significant challenges confronting climate-vulnerable nations. There is a growing urgency for additional financial support to manage the aftermath of climate-related disasters effectively.

As COP28 proceedings continue, nations are urged to enhance their commitments to ensure the Loss and Damage Fund’s effectiveness in assisting those most affected by the impacts of climate change. Pakistan reaffirms its dedication to actively engaging and leading developing countries on this critical issue, fostering collaborative efforts with the global community for the fund’s efficient implementation and utilization.

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