Historic decision: Climate Damage Fund officially launched
A standing ovation on the opening day of the UN climate conference COP28 in Dubai. Because the climate damage fund has been officially launched. Such a fund compensates victims after climate disasters. “A historic decision”, cheers 11.11.11-climate expert Kiki Berkers. And so also a good start of COP28.
01 Dec 2023
2 minutes
During the previous climate summit COP27 in Sharm-el-Sheik, an agreement was reached on the establishment of a climate damage or Loss and Damage fund, under strong pressure from civil society and activists. Such a fund can disburse financial resources to vulnerable countries that have suffered damage and losses from climate disastersNow, on the opening day of COP28, the Climate Damage Fund has also officially come into effect.
“A historic decision that was stuck for 30 years. And a step towards more climate justice,” says 11.11.11-climate expert Kiki Berkers from Dubai.
Rich countries must take the lead
"But still the responsibility to contribute to the fund too optional. That still needs to be addressed at COP28," says Kiki critically. Some countries did set a good example right away. The United Arab Emirates, the host country of the climate summit, immediately put a pledge of 100 million dollars on the table. Germany (100 million dollars), the United Kingdom (60 million pounds) and the United States (17,5 million dollars) also immediately made a contribution to the fund. "A positive signal of leadership, because we need to go from millions to billions. "
Flanders does not provide additional climate support. However, all rich industrial countries must take the lead in financing it, since they, with their historically high CO2 emissions, bear the greatest responsibility for the climate crisis. While people and countries with the least responsibility are taking the biggest hits.
World Bank management raises concerns
In addition, it was also decided that the World Bank the fund during the first four years will manage. And that is worrying. After all, the institution is known for its little transparent operation. Also financing in the form of loans, which causes countries to get deeper into debt, and the undemocratic operation raises eyebrows.
“Vulnerable communities must have easy and immediate access to the fund when they lose their assets after extreme weather events or other climate disasters,” he said. 11.11.11-climate expert Kiki Berkers. 11.11.11 therefore keep putting pressure for the compliance and fairness of the fund.
