UPDATE 1-EU commits to place ‘substantial’ cash in COP28 local weather harm fund

(Provides element)

By Kate Abnett

BRUSSELS, Nov 13 (Reuters) – The European Union will make a “substantial” monetary contribution to a brand new worldwide fund addressing the destruction attributable to local weather change, the EU’s government fee mentioned on Monday.

The world-first local weather “loss and harm” fund is about to be launched through the United Nations COP28 local weather summit, which might be held from Nov. 30 to Dec. 12 in Dubai within the United Arab Emirates.

“The Commissioner is able to announce substantial monetary contribution by the EU and its member states to the loss & harm fund at COP28 within the context of an formidable consequence at COP28,” the European Fee mentioned in a press release, referring to EU Local weather Commissioner Wopke Hoekstra.

The EU didn’t specify the dimensions of its deliberate contribution.

The EU additionally plans to commit funding at COP28 to assist international locations meet a worldwide pledge to triple renewable power capability by 2030, the Fee mentioned.

Nations agreed ultimately yr’s U.N. local weather talks to launch the local weather harm fund, a deal hailed as a breakthrough by susceptible states which have lengthy demanded funding from rich nations whose historic CO2 emissions brought about local weather change.

The UAE’s incoming COP28 President, Sultan Al Jaber, welcomed the EU transfer in a press release, after he met Hoekstra in Brussels on Monday.

The UAE is amongst a handful of excessive per-capita revenue international locations that aren’t at the moment obliged to contribute to U.N. local weather funds, however are

dealing with stress

from European states to take action.

A spokesperson for the UAE’s COP28 Presidency didn’t instantly reply to a Reuters inquiry about whether or not the UAE will contribute to the fund. (Reporting by Kate Abnett; extra reporting by Bart Meijer; modifying by Gareth Jones and Mark Heinrich)