COP28: Loss, Damage fund receives $575m pledge in first hour

December 01, 2023 (MLN): Pakistan commended a historic achievement at COP28 as the Loss and Damage Fund for developing countries swiftly operationalized, receiving a $575 million pledge within the first hour, according to Muhammad Saleem from the Ministry of Climate Change and Environmental Coordination.

He said in a press release issued yesterday that the pledge also includes $225m committed by the European Union.

The ministry official highlighted that this momentous occasion followed Pakistan's crucial role at COP27 in Egypt, where, as the Chair of the G77 and China group, it advocated for the establishment of the fund.

Over the past year, Pakistan actively engaged as a member of the transitional committee responsible for finalizing recommendations on the operationalization of the fund, he added.

The media person Muhammad Saleem said further that this success underscores Pakistan's commitment to addressing the impacts of climate change on vulnerable nations.

The Pakistani delegation expressed gratitude to the global community's rapid response, recognizing the fund's significance in mitigating climate-related challenges, especially for nations facing vulnerabilities, the ministry official said.

Muhammad Saleem also said, that this milestone indeed marked just the onset of a collective effort, as the global community emphasizes the urgency of increasing contributions to the Loss and Damage Fund.

While the initial pledges amount to a significant sum of $575m, it is recognized that these contributions fall short of addressing the immense challenges faced by climate-vulnerable nations.

The call to action resonates with the understanding that additional financial support is imperative to effectively mitigate and manage the aftermath of climate-related disasters.

As the COP28 proceedings continue, nations are urged to further elevate their commitments to ensure the fund's robustness in assisting those most affected by the impacts of climate change.

As COP28's inaugural session kicked off today in Dubai, Pakistan reaffirmed its dedication to actively engaging and leading developing countries on this critical issue.

"The country remains committed to collaborative efforts with the global community to ensure the effective implementation and utilization of the Loss and Damage Fund", the ministry official stressed.

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