The European Union is set to provide a significant financial contribution to the upcoming climate “loss and damage” fund, which will be unveiled at the UN COP28 climate summit in Dubai from Nov. 30 to Dec. 12.
The joint statement by the European Commission and the UAE’s incoming COP28 president indicates a readiness to announce substantial funding in the context of an ambitious outcome at COP28.
Additionally, the EU plans to allocate funds at COP28 to support countries in achieving the commitment to triple global renewable energy capacity by 2030, addressing one of the key issues in the annual U.N. climate talks.
This move by the EU holds potential to facilitate other agreements at COP28, where discussions will cover topics such as phasing out fossil fuels and reducing emissions.
Last year, countries reached an agreement to establish the climate damage fund, marking a significant development for vulnerable developing nations seeking support to manage climate-induced damage.