THE European Union will make a “substantial” financial contribution to a new international fund addressing the destruction caused by climate change, the EU’s Executive Commission said on Monday.

The world-first climate “loss and damage” fund is set to be launched during the United Nations COP28 climate summit to be held from Nov 30 to Dec 12 in Dubai.

“The Commissioner is ready to announce substantial financial contribution by the EU and its member states to the loss & damage fund at COP28 in the context of an ambitious outcome at COP28,” the European Commission and the UAE’s incoming COP28 president said in a joint statement, referring to EU Climate Commissioner Wopke Hoekstra.

The EU did not specify the size of its planned contribution. The 27-nation bloc also plans to commit funding at COP28 to help countries meet a pledge to triple global renewable energy capacity by 2030, the statement said.

Finance is one of the biggest issues at the annual UN climate talks. The EU move could help grease the wheels for other deals at COP28, where countries will consider whether to phase out fossil fuels and take other steps to cut emissions.

Published in Dawn, November 14th, 2023