SEK 200 million to climate fund for loss and damage

More and more countries are being affected by climate change. At last year’s COP28 in the United Arab Emirates, a decision was taken to introduce a new fund to manage reconstruction in response to extreme weather and slowly rising sea levels. Efforts are now ongoing to operationalise the Fund, for which a secretariat has recently been established at the World Bank. To this end, Sweden has announced SEK 200 million in support to the new Fund.

“Through this Fund, Sweden will support vulnerable countries and people in their response to the devastating consequences of natural disasters. Sweden’s support will help countries better prepare for – and manage – the consequences of climate change, which could reduce the need for large-scale humanitarian operations following a crisis. Sweden is already a major donor to similar initiatives, which is why we now want to help this new Fund develop into an effective supplement,” says Minister for International Development Cooperation and Foreign Trade Benjamin Dousa.

“Sweden is highly committed to accelerating global climate action. The resources that Sweden is providing to the Fund for responding to Loss and Damage will pave the way for developing countries’ increased resilience and improved management of climate change. We will conduct close monitoring to ensure that this money is used beneficially,” says Minister for Climate and the Environment Romina Pourmokhtari.

A total of 23 other countries have made pledges to this new Fund. Sweden’s contribution of SEK 200 million makes it the 11th largest donor. Sweden particularly welcomes new donors that have not traditionally been climate finance donors.