Pakistan Applauds Historic Achievement of Loss and Damage Fund at COP28

Pakistan applauds the historic achievement at COP28 (30 Nov to 12 Dec 2023) as the Loss and Damage Fund sees swift operationalization, with an astounding USD 575 million pledged within the first hour of the conference's opening session. 

The pledge includes USD 225 million committed by the European Union. This momentous occasion follows Pakistan's crucial role at COP27 in Egypt, where, as the Chair of the G77 and China group, it advocated for the establishment of the fund. Over the past year, Pakistan actively engaged as a member of the transitional committee responsible for finalizing recommendations on the operationalization of the fund. This success underscores Pakistan's commitment to addressing the impacts of climate change on vulnerable nations.

In a statement, the Pakistani delegation expressed gratitude for the global community's rapid response, recognizing the fund's significance in mitigating climate-related challenges, especially for nations facing vulnerabilities. Furthermore, this milestone marks just the beginning of a collective effort, as the global community emphasizes the urgency of increasing contributions to the Loss and Damage Fund. 

While the initial pledges amount to a significant sum of USD 575 million, it is recognized that these contributions fall short in addressing the immense challenges faced by climate-vulnerable nations. The call to action resonates with the understanding that additional financial support is imperative to effectively mitigate and manage the aftermath of climate-related disasters. 

As the COP28 proceedings continue, nations are urged to further elevate their commitments to ensure the fund's robustness in assisting those most affected by the impacts of climate change. As COP28 unfolds, Pakistan reaffirms its dedication to actively engaging and leading developing countries on this critical issue. The country remains committed to collaborative efforts with the global community to ensure the effective implementation and utilization of the Loss and Damage Fund