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HomeNationalDenmark ranks first in providing 'damage and damage' climate fundingTAZAA News

Denmark ranks first in providing ‘damage and damage’ climate fundingTAZAA News

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Denmark on Tuesday pledged more than $13 million (100 million Danish kroner) to support developing countries hit by climate disruptions, becoming the first country to provide “loss and damage” compensation to the most climate-vulnerable regions.

Denmark’s Development Minister Fleming Müller Mortensen made the pledge during the United Nations General Assembly, saying the new climate funding would go to Northwest Africa and other fragile areas in the Sahel region.

“I am very pleased that we have agreed to increase support for climate-related losses and damages,” he said in a statement. “It is unfair that the world’s poorest suffer the most from the consequences of climate change, to which they have contributed least.”

Read more: Pakistan economy to slow in fiscal 2023 amid strong climate headwinds: ADB

Some of the world’s most vulnerable regions, such as low-lying islands, are pushing to create funding for “damage and damage” – or the consequences of climate change beyond what people can adapt – to be established at the UN climate talks. Egypt in November.

The United States, the EU, and other wealthy nations representing historical greenhouse gas emitters have opposed the creation of a special fund to address damage and loss.

UN Secretary General Antonio Guterres On Tuesday rich countries were urged to tax the windfall profits of fossil fuel companies and use the money to compensate “countries suffering the damage and loss caused by the climate crisis”.

At last year’s COP26 climate summit in Glasgow, Scottish leader Nicola Sturgeon announced a symbolic £1 million loss and loss investment as a way to encourage industrialized nations to follow suit.

Denmark provided new damage and loss funding as part of its 2022 Finance Act and pledged to dedicate at least 60% of its climate aid to helping countries adapt to climate change.

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