COPENHAGEN, Denmark (AA) - Denmark announced it will contribute $25 million to a new fund for climate-related loss and damage to assist countries undergoing adverse challenges from climate change approved Friday at the COP28 summit.
The Loss and Damage fund was established at the summit in Dubai to aid countries experiencing severe economic losses in the face of rising sea levels and desert expansions in low-lying island nations and agricultural economies.
“The consequences of climate change, such as hurricanes, tropical storms, wildfires, and storm surges, disproportionately impact the world’s most vulnerable developing countries. There is a colossal need for assistance and support, and that need will only grow from now on. Therefore, it is truly positive that we have reached an agreement at COP28 on a new fund,” said Minister for Development Cooperation and Global Climate Policy Dan Jorgensen.
“This is something the Danish government has worked hard for. Wealthier countries must take greater responsibility and contribute more to loss and damage caused by climate change, especially in the most vulnerable regions of the globe,” he said.
Denmark will also aid projects on loss and damage with an additional $25 million, including initiatives that support access to warning systems in vulnerable countries by 2027.
"Of course, the EU will contribute to the new loss and damage fund, as of today, team Europe is contributing more than $270 million so far," said European Commission President Ursula von der Leyen.