Netherlands vows €15 million to COP28 climate damage fund

The Netherlands will contribute 15 million euros to a new fund to help countries cope with "loss and damage" caused by climate change.

The outgoing Dutch Prime Minister Mark Rutte made the statement while talking to Reuters at the United Nations COP28 summit on December 1.

"We will add another 15 million (euros) particularly focussed on loss and damage," Rutte said on the sidelines of the COP28 summit, adding that this came on top of his country's existing annual contribution of 1.8 billion euros to overall climate finance in developing countries.

The UN climate summit clinched an early victory on Thursday when delegates adopted the details of the climate damage fund, opening the door for governments to announce contributions.

The decision to create this fund was announced in Dubai at the 28th Conference of the Parties to the UN Framework Convention on Climate Change. The size of the fund will be €30 billion. The UAE will contribute about €100 million to it. Germany, the UK, Japan and the US will also contribute €10–100 million. The European Union will contribute €225 million to the fund every year.

This money will be used to compensate for damage from floods, droughts, and rising sea levels caused by climate change in vulnerable countries. The fund is seen as essential to moving developing countries forward in negotiations to reduce emissions and transition to sustainable energy.