Uganda has been listed among the first seven developing countries that will benefit from the $400 million loss and damage fund established to help victims of climate disaster.
The fund is set to help world’s most vulnerable countries hit by climate disaster. Operationalizing this fund is a decision agreed on as Cop28 UN summit opened in Dubai.
Following this development, The Loss and Damage Fund Board will meet to discuss the structure of the fund in January 2024.
This fund is an outcome of COP27 that aims to help compensate vulnerable nations for the impact of climate change. While all developing countries are eligible, the Least Developing Countries (LDCs) and Small Island Developing States (SIDs) have more access to the fund.
At the opening plenary, several countries made new finance pledges: Germany (100 million Euros), United Kingdom (40 million pounds), United States ($17.5 million), Japan (US$10 million), United Arab Emirates (US$100 million).
WWF Uganda Country Director, Mr. Ivan Tumuhimbise has welcomed this historic and timely decision. Adding that Uganda is more than ready to us the funds effectively in addressing climate crisis that the country is experiencing.
Mr. Tumuhimbise who led Ugandan delegation to Dubai believes that the fund will help Uganda to fulfill its pledge on reaching, the targets which were made by the global biodiversity framework. ‘’ It about halting nature loss but also driving nature positive development,” He said while reacting to the fund.
For Uganda to benefit from the fund, he said communities will need to adopt regenerative agriculture for it to make business sense. He added
He said the governance framework including its decentralization arrangement makes country ready for the fund.
“The district leadership together with the national government can work together to make sure the level of preparedness is deepened. When I look at examples like Parish Development Model, I feel like the preparedness that has been used to in delivering some of government programmes I see we have the infrastructure that can quickly turn around this project and deliver benefits for our people,” he added.
All developing countries “particularly vulnerable” to the effects of climate change will be eligible to benefit from the mechanism. However, the definition of vulnerability – one of the thorniest issues – is not detailed in the text.
The agreement is an “early win” for the Cop28 hosts, as it sets the start of the conference on a positive collaborative tone, environmentalists said of the conference.