The decision to establish the fund was agreed on at COP27 in Sharm el-Sheikh last year. Over the past year, a committee in which Norway has been represented drew up recommendations regarding the design and operation of the fund. These recommendations have now been adopted by the parties to the UN Climate Change Convention and the Paris Agreement.
– It is very encouraging that we have reached agreement on how to operationalise the fund. Loss and damage due to the adverse effects of climate change is a problem that will unfortunately continue to grow in the future. I am pleased that Norway is able to pledge early financing for the fund, said Prime Minister Jonas Gahr Støre.
The new fund will provide assistance to developing countries that are particularly vulnerable to climate-related events and disasters, for instance the impacts of man-made climate change such as rising sea levels, and extreme weather events such as storms and flooding. The fund will be closely aligned with existing funding mechanisms in a manner that will promote adequate coordination between the various forms of support, for example in humanitarian efforts.