2023-12-03 22:07:16
The First Managing Director of the World Bank responsible for development policies and partnerships, Axel van Trotsenburgh, stressed the importance of the “Loss and Damage” Fund, which a basic decision was taken to activate on the first day of the Conference of the Parties (COP28), noting that the Bank had submitted an offer to host the Fund.
On the sidelines of the conference, Trotsenburg said that the climate summit began with important announcements regarding this fund, which will provide support to the countries most affected by climate change, stressing the necessity of working to prepare for it.
He added that the World Bank is working closely with the United Nations Framework Convention on Climate Change (UNFCCC) to establish the fund, expressing his hope to do so within the next few months.
Trotsenberg explained, “The details of activating the fund are negotiations that take place between the main parties, so they will have to structure the administration and determine how individuals can be eligible to receive resources from the fund,” adding: “What I see as very positive is that several countries have made actual pledges. Even before the fund was prepared.”
In response to a question regarding the role that the UAE plays in COP 28, Trotsenberg said that the UAE made great efforts to organize this event, which began with an important announcement of the activation of the “Loss and Damage Fund,” congratulating the UAE on this great success and distinguished hosting.
The World Bank’s Senior Managing Director, responsible for development policies and partnerships, stated that countries face different challenges with regard to climate change, pointing out that small island states and countries with high sea levels have different challenges from those located in the Sahel region, so they must The solutions are specific to each country, but there is a global challenge in this regard.
He said: “I believe that the role of the Middle East cannot be only regional, but rather it must be global, as we need the participation of all countries in this global challenge, and of course the Middle East cannot abandon this context.”
Tronsenberg stressed the need for everyone to respond to appropriate solutions regarding climate change issues, noting that the UAE’s presidency of COP28 was clear regarding this, as we need to ensure that we can maintain the Earth’s temperature below 1.5 degrees Celsius, because exceeding this Limitation means consequences for all of us.
He pointed out that climate change issues require large investments, and from this standpoint we will all need to intensify efforts and work harder and collectively to reach solutions, adding: “We have a good opportunity to achieve and make progress, and we must continue working.”
Axel van Trotsenburgh:
• “The UAE made great efforts to organize (COP 28), which began with an important announcement activating the (Loss and Damage Fund).”
• The details of activating the fund are negotiations between the main parties.
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