Maldives welcomes operationalisation of loss and damage fund at COP28

The Maldives has welcomed the agreement made by delegates at the COP28 summit in Dubai to operationalise the fund that would help compensate vulnerable countries coping with loss and damage caused by climate change.

In his opening plenary statement at COP28, Minister of Climate Change, Environment, and Energy Thoriq Ibrahim highlighted that COP28 opened with the adoption and operationalisation of the loss and damage fund, which is a significant decision that reflects a ray of hope for genuine multilateralism and global dedication. He expressed hope that the nations will effectively address the need of the loss and damage fund for vulnerable countries like the Maldives. He noted that the fund is particularly vital for nations such as the Maldives dealing with the diverse effects of climate change.

Acknowledging the pledges made by numerous parties at COP28, Minister Ibrahim called upon developed countries to scale up the fund. He also said that the session marks a pivotal moment for small island developing states which have endured economic and non-economic losses for decades. He added that the Maldives has been an advocate for this course of action since the very beginning of this process.

Furthermore, Minister Ibrahim emphasised the Maldives' plea to keep the 1.5 degrees Celsius target alive. The 1.5 degrees Celsius threshold was the stretch target established in the Paris Agreement in 2015, a treaty in which 195 nations pledged to tackle climate change. The agreement aims to limit global warming to well below 2 degrees Celsius by the end of the century and pursue efforts to keep warming within the safer limit of 1.5 degrees Celsius.