BRUSSELS: Developing countries have suggested a new U.N. fund of at least $100 billion by 2030 to address the irreparable damage caused by climate change, western media reported on Wednesday.
The development comes as the countries are preparing to discuss details of the climate loss and damage fund at a COP28 conferee from Nov. 30 to Dec. 12 in Dubai.
First U.N. fund on climate change damage
If the fund is launched, it would be the first U.N. fund aimed to address damages caused from climate like drought, floods and rising sea levels.
Meanwhile the United Nations’ first global chief heat officer has called upon the political leaders to make pledges at the climate meeting.
The countries had agreed to setup the fund last year but they postponed the most important decisions, including which countries will pay into it.
At a United Nations committee meeting last week, developing states from Africa, Latin America, Asia-Pacific and small island states, suggested that the climate damage fund should be at least $100 billion.
The proposal said $100 billion is a minimum to provide a safety amount when climate changes badly impact a country.
Madeleine Diouf Sarr, chair of the Least Developed Countries group of 46 nations said loss and damage is not an environmental issue.
It is pertinent to mention that decisions at COP28 need unanimous support from the nearly 200 states that attend U.N. climate summits. Countries are not clear over which nations should pay into the fund, and which should receive the aid.
United States has proposed that governments, the private sector, philanthropies should commit the cash for the fund.
