Several countries and the European Union have pledged significant financial contributions to the newly established Loss and Damage Fund, with initial commitments collectively totaling over $400 million. This fund aims to assist developing countries most vulnerable to the adverse effects of climate change.
Initial Contributors to the Loss and Damage Fund
At COP28, held in the United Arab Emirates, key nations and blocs made initial pledges to kickstart the Loss and Damage Fund. These commitments were crucial for establishing the fund's operational framework and demonstrating international solidarity.
The initial pledges received include substantial contributions from individual countries and a collective commitment from European Union member states. The breakdown of these early contributions is as follows:
| Contributor | Pledged Amount (USD) | Notes |
|---|---|---|
| Germany | $100 million | Initial pledge, also part of the collective EU contribution. |
| United Arab Emirates | $100 million | Initial pledge, as hosts of COP28. |
| United Kingdom | $50.5 million (approx.) | Equivalent to £40 million. |
| United States | $17.5 million | |
| Japan | $10 million | |
| EU Member States (collectively) | At least $245 million (approx.) | Expected to collectively deliver at least €225 million, which includes Germany's individual pledge. |
These initial pledges represent a foundational step in operationalizing the Loss and Damage Fund, providing vital resources to address the unavoidable impacts of climate change in vulnerable nations.
