Wednesday, February 28, 2024

An officer explains how the loss and damage fund works

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He continued: “Many observers believed that this decision would be a last-minute decision in Dubai, but it was a positive start and a gesture confirming the good work since the end of the last summit and the beginning. The new summit, the continued work by the team charged with the implementation and follow-up of the summit. “Box”.

He pointed out that there was agreement on the sources of funds and aspects of expenditure, and that discussions on the provisional provision of these funds had taken a long time. While enjoying independence based on the World Bank’s governance?

Loss and Damage Fund

Explaining how the fund works and its administrative mechanisms, Mokhideen said, “The fund does not want to appeal to anyone because as its name suggests, what it does is to deal with emergency recovery matters for those who have suffered losses and damages. Drastic changes in weather, hurricanes and so on…all these.” Losses that not only affect nature but threaten human lives require funding.”

The United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development stressed that good financial resources emerged during the summit within the framework of multilateral commitments. Initial estimates of losses range from 100 to 200 billion dollars annually.

He added: “If there is room for what has been provided so far, to implement the funds and work administratively, to have experts and specialists, and to continue to mobilize resources, we can deal with what we have found. For example, in Africa and Pakistan, a third of the land was submerged due to general flooding.” In the past, and fires in many countries such as Latin America (..).”

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He continued: “These things require a great deal of foresight in the funding sectors,” while pointing out that there are other funds, such as the Green Climate Fund, which has raised $13 billion worth of pledges from 30 countries. The beginning of the Sharm el-Sheikh conference, considered until now… These pledges are more than estimated and expected, especially in the light of the geopolitical situations the world is going through.

Financial file

In his statements to Sky News Arabia, the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development spoke specifically about the financing file, stressing that it was the biggest problem. They are unable to deal with climate crises… in these circumstances.”

“But there is also the issue of technology. Within the framework of the current summit, the importance of research, development and innovation in providing what is needed to produce electricity from new and renewable energy has been talked about and emphasized. (by the year 2030)… water is equally important, otherwise “be more in climate adaptation.”

Referring to the UAE President Sheikh Mohammed bin Zayed’s announcement of the launch of the new fund, Mokhedin said there is more scope for private investments, an unprecedented amount. Participating with the private sector and supporting capacity building and implementation of projects is an important component.

Loans

The United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development responded to a question about the impact of the burdensome debt bill on many countries and high interest rates on climate finance, stressing the need for an integrated approach to financing, financing, etc. It’s not just investment in projects, but developing countries and emerging markets need to account for at least $1.4 trillion annually, taking into account the issue of debt service.

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He explained that debt transfer is one of the tools. He stressed the importance of reducing reliance on debt in principle without recourse and recourse, while pointing to the importance of raising appropriate soft finance by reforming international financial systems. Financial institutions such as the World Bank and others, as well as the importance of the role of the private sector in financing.

Bill Dittman
Bill Dittman
"Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

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