COP28 | Pledges for loss and damage roll in, but billions needed – SA chief negotiator
However, the need to assist developing nations most vulnerable to climate impacts is far greater, with estimates indicating hundreds of billions.
The United Nations Climate Conference, or COP28, kicked off with a bang last week with the host nation, the UAE and others pledging about $400 million to the fund. By Sunday, 10 December, the pledges were closing in on $800 million - having climbed to $792 million. While the new pledges were lauded by officials, including President Cyril Ramaphosa, the glaring truth is that more funding needs to be raised.Take the floods in Pakistan last year as an example; more than 7 million people were displaced, and the costs were estimated at $30 billion. Closer to home, floods in the KwaZulu-Natal province in Apriland killed more than 400.
Popular Gentle, development management expert to the prime minister of Nepal, similarly pointed out that access to climate finance is difficult."Our concern is we are excited about the establishment of the loss and damage fund. We are still cautious that the same story will be repeated. We need easy, equitable, accessible loss and damage funds without any procedural difficulties," he said.
"By August-October next year, we should see the fund fully operational, with developing countries able to draw the resources from that particular fund," Kekana added.Vanuatu's Minister of Climate Change, Ralph Regenvanu, who also participated in the IDRC panel, noted that before climate impacts escalate into loss and damage – steps must be taken to prevent it.
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