UCL Energy Institute


COP28 ignites bold action: Loss and Damage Fund gains momentum with global commitments

5 December 2023

Climate-related loss and damage fund worth $420 million launched at the opening plenary session of COP28

Dubai seen from above

In a historic kick-off at COP28's opening plenary, the Loss and Damage Fund was set into motion, witnessing an impressive $420 million pledge within the first hour, reinforcing the fund's mission to provide financial assistance to nations facing extreme climate risks.

The importance of Loss and Damage became glaringly evident as the world confronts the impacts of "locked-in" warming on vulnerable communities. Extreme weather events, reduced agricultural productivity, and rising sea levels demand immediate attention, even if climate mitigation goals are met. This decisive action on Loss and Damage sets the stage for a robust response to the Global Stocktake, the world's report card on progress toward Paris Agreement goals.

The UAE and Germany each committing a substantial $100 million to the Fund, other countries making notable commitments also includes the UK, Japan, and the U.S. This is shaping COP28 as a beacon of global cooperation to tackle climate challenges.

As nations unite in their commitments, the Loss and Damage Fund emerges not only as a financial lifeline for the most vulnerable but as a cornerstone in the pursuit of a sustainable and resilient future. COP28 marks a pivotal moment where actions speak louder than words, setting a powerful precedent for climate justice and international collaboration.

Prof Catalina Spataru, the Director of Energy institute and the head of the Islands and Coastal Research Lab in UCL noted:

The stage is set for a climate revolution, but only through collective commitment can we meet the urgency of the moment. 




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