{"id":611137,"date":"2023-12-03T00:00:00","date_gmt":"2023-12-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/03\/countries-commit-usd-420-mn-to-loss-and-damage-fund-on-opening-day-of-cop28\/"},"modified":"2023-12-03T00:00:00","modified_gmt":"2023-12-03T00:00:00","slug":"countries-commit-usd-420-mn-to-loss-and-damage-fund-on-opening-day-of-cop28","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/03\/countries-commit-usd-420-mn-to-loss-and-damage-fund-on-opening-day-of-cop28\/","title":{"rendered":"Countries commit USD 420 mn to loss and damage fund on opening day of COP28"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Funds roll in for the loss and damage fund: <\/strong>Day 1 of <a target=\"_blank\" href=\"https:\/\/www.cop28.com\/\" style=\"\" rel=\"noopener\">COP28<\/a> saw more progress made on the loss and damage fund front than we\u2019ve seen all year long, with countries pledging a combined USD 420 mn to seed the fund, helping developing nations in their fight against climate change. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who committed? <\/strong>Five countries and the EU committed financing to the fund \u2014 host country, the UAE, and Germany pledged USD 100 mn each, while the EU said it will commit <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e4c0c0fc-cb2f-495a-ba22-4bad1ef4a7dc\" style=\"\" rel=\"noopener\">USD 145 mn<\/a>. The UK (USD 40.6 mn), Japan (USD 10 mn), and the US (USD 17.5 mn) also made commitments, according to a <a target=\"_blank\" href=\"https:\/\/www.cop28.com\/en\/news\/2023\/11\/COP28-Presidency-unites-the-world-on-Loss-and-Damage\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Funds could start rolling out as soon as 1Q 2024: <\/strong>The World Bank, the fund\u2019s interim host, could start doling out funds in three months, the bank\u2019s senior managing director told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-01\/cop-28-climate-loss-and-damage-fund-could-start-early-next-year?leadSource=uverify%20wall\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. Meanwhile, World Bank head Ajay Banga told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/59b86449-7567-4458-926e-1c382ba2bc3d\" style=\"\" rel=\"noopener\">Financial Times<\/a> that the bank will not hand out any financing before \u201ca raft of technical analysis\u201d is completed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fund has been on hold for almost a year now:<\/strong> Little progress has been made on the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15bbe74e-71c7-4c48-9b0e-47c7b32caa79\" style=\"\" rel=\"noopener\">landmark loss and damage fund<\/a> over the past year after delegates from some 200 nations signed off on the pact at the close of COP27. On Thursday, around 200 nations agreed on the basic rules for how the fund should be run and elected the World Bank as interim host. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OTHER NOTABLE ANNOUNCEMENTS FROM THE FIRST DAYS OF COP28-<\/strong><\/p>\n<ul>\n<li><strong>A USD 30 bn Emirati climate venture:<\/strong> The UAE is launching a USD 30 bn \u201ccatalytic climate vehicle\u201d \u2014 dubbed <a target=\"_blank\" href=\"https:\/\/www.cop28.com\/en\/news\/2023\/12\/commits-US$30-billion-in-catalytic--capital-to-launch-landmark\" style=\"\" rel=\"noopener\">Alterra<\/a> \u2014 with the aim of improving access to climate funding for the Global South. The venture aims to mobilize USD 250 bn in green investments by 2030.<\/li>\n<li><strong>More climate financing courtesy of the IFC: <\/strong>The IFC and several major charity organizations launched the <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/sustainable-finance-reporting\/cop28-donors-join-ifc-lure-11-bln-climate-cash-2023-12-01\/\" style=\"\" rel=\"noopener\">Allied Climate Partners<\/a>, which aims to raise USD 11 bn earmarked for green projects in developing countries.<\/li>\n<li><strong>More renewable + nuclear commitments: <\/strong>Some 116 countries <a target=\"_blank\" href=\"https:\/\/www.cop28.com\/en\/news\/2023\/12\/COP28-Presidency-launches-landmark-initiatives-accelerating-the-energy-transition#:~:text=116%20countries%20have%20signed%20the,than%204%20percent%20by%202030.\" style=\"\" rel=\"noopener\">have committed<\/a> to triple their renewable energy generation by 2030, while over 20 countries have <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/climate-energy\/over-110-countries-set-join-cop28-deal-triple-renewable-energy-2023-12-02\/\" style=\"\" rel=\"noopener\">inked a declaration<\/a> with the aim of tripling nuclear capacity by 2050. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Enterprise Climate will have in-depth coverage of all things COP28<\/strong> starting tomorrow and until the summit wraps up. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGYPT AT COP28-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We are in line for USD 270 mn in green funding: <\/strong>Egypt will ink some USD 270 mn worth of projects aimed at slashing the industrial sector\u2019s carbon emissions, Environment Minister Yasmine Fouad told Asharq Business (<a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1730254185411572146\" style=\"\" rel=\"noopener\">watch, runtime: 4:08<\/a>), adding that the projects will kick off at the beginning of 2024. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- El Sisi makes an appearance: <\/strong>President Abdel Fattah El Sisi attended day two of the climate summit, delivering a speech highlighting the necessary of financial and technical support for developing countries coping with climate change, according to an <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/msuvkjpu\" style=\"\" rel=\"noopener\">Ittihadeya statement<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Five countries and the EU committed funds<\/p>\n","protected":false},"author":1,"featured_media":611138,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7545],"tags":[7286,6517,72,246],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate","tag-climate","tag-cop28","tag-enterpriseam","tag-green-economy","wpautop","entry"],"acf":{"mongo_id":"6735ceb4-fda5-4d36-b7b8-530e0b6d23e2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/32.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Countries commit USD 420 mn to loss and damage fund on opening day of COP28","related_issue":[611116],"teaser":"Five countries and the EU committed funds","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.78e59e94-50e8-4cc9-b2ba-9d945fb1d3e9.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Under a political declaration (pdf) with Egypt announced during President Joe Biden\u2019s visit to COP27 on Thursday, the US and Germany\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/187.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555144,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/03\/egypt-is-up-for-a-slice-of-blackrocks-new-climate-focused-em-infrastructure-fund\/","url_meta":{"origin":611137,"position":1},"title":"Egypt is up for a slice of BlackRock\u2019s new climate-focused EM infrastructure fund","author":"enterpriseam admin","date":"3 November 2021","format":false,"excerpt":"Egypt is among the \u201cattractive\u201d emerging markets in which BlackRock could be investing through its new USD 673 mn climate-focused infrastructure fund, BlackRock Alternative Investments\u2019 global head of renewable powers David Giordano tells Reuters. The new Climate Finance Partnership fund \u2014 backed by the French, German, and Japanese governments \u2014\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/303.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577339,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/are-we-nearly-there-yet\/","url_meta":{"origin":611137,"position":2},"title":"Are we nearly there yet?","author":"enterpriseam admin","date":"20 November 2022","format":false,"excerpt":"COP27 negotiations run into overtime as delegates haggle over reducing emissions: Climate negotiators from almost 200 countries have reportedly sealed an agreement to set up a fund to help poor countries face the impact of climate change but discussions over reducing emissions remain deadlocked. The high-stakes talks, which were supposed\u2026","rel":"","context":"In &quot;COP WATCH&quot;","block_context":{"text":"COP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/cop-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568933,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/09\/ebrd-qnb-alahli-agree-usd-82-mn-climate-finance-package\/","url_meta":{"origin":611137,"position":3},"title":"EBRD, QNB Alahli agree USD 82 mn climate finance package","author":"enterpriseam admin","date":"9 February 2020","format":false,"excerpt":"EBRD commits fresh capital to climate finance in Egypt: The European Bank of Reconstruction and Development (EBRD) and QNB Alahli have agreed a USD 82 mn financial package to fund green and SME-led projects in Egypt, the EBRD said in a statement. The package consists of a USD 17 mn\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":611309,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/05\/day-5-at-cop28\/","url_meta":{"origin":611137,"position":4},"title":"Day 5 at COP28","author":"enterpriseam admin","date":"5 December 2023","format":false,"excerpt":"News from EGAS, Apicorp, and the Oil Ministry","rel":"","context":"In &quot;COP WATCH&quot;","block_context":{"text":"COP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/cop-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/270.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573432,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/sanad-green-for-growth-fund-to-invest-usd-250-mn-in-egypt-in-2021\/","url_meta":{"origin":611137,"position":5},"title":"Sanad, Green for Growth fund to invest USD 250 mn in Egypt in 2021","author":"enterpriseam admin","date":"5 August 2020","format":false,"excerpt":"INVESTMENT WATCH- Sanad, Green for Growth have earmarked USD 250 mn to invest in Egypt in 2021: The Sanad Fund and the Green for Growth Fund (GGF) have USD 250 mn to commit to Egyptian SMEs and renewable energy projects in 2021, said Mohamed Morsy, Egypt manager of impact investor\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=611137"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611137\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611138"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611137"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611137"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}