A climate damage fund for developing countries was created at COP28

A climate damage fund for developing countries was created at COP28

Katerina Belousova

The size of the fund will reach about $547 million

On Thursday, November 30, the two-week COP28 climate summit began, where a historic decision was made to establish a fund to compensate developing countries for losses and damages from climate change.

Ukraine has every chance to receive additional funds for green recovery from this fund, according to the Ministry of Environmental Protection and Natural Resources.

The creation of this fund was agreed at COP27 in Sharm el-Sheikh in 2022. The fund opens up opportunities for additional funding for climate projects.

It is noted that a number of developed countries, in particular, have already announced their contributions to this fund:

  • United Arab Emirates (UAE) and Germany – $100 million each;
  • Great Britain – $75 million;
  • USA – $17.5 million;
  • Japan – $10 million.

The message emphasized that the European Union also promised to allocate €225 million annually to the fund.

Earlier, EcoPolitic wrote, that Ukraine at COP28 will present its pavilion for the second time, which is dedicated to the consequences of the Russians blowing up the Kakhovskaya HPP dam ("Kakhovka" block), as well as war damage in the "Consequences" block and the "Recovery" block.

As EcoPolitic reported earlier, at COP28, more than 60 countries support the agreement of the EU, the USA and the UAE on tripling the use of renewable energy by 2030 and abandoning the use of coal.

Related
Ukrainian companies to report greenhouse gas emissions with fluorine
Ukrainian companies to report greenhouse gas emissions with fluorine

This will help mitigate the greenhouse effect and the negative impact on the planet's ozone layer

UN urged to explore geoengineering opportunities to cool the planet
UN urged to explore geoengineering opportunities to cool the planet

Currently, solar geoengineering technology is effectively banned

The draft law "On State Climate Policy" threatens the achievement of a number of goals – Kozak
The draft law "On State Climate Policy" threatens the achievement of a number of goals – Kozak

Conflicts can be avoided if the draft law defines both long-term and medium-term goals