Latest news with #LossandDamageFund
GMA Network
27-05-2025
- Business
- GMA Network
Marcos asks oil-rich Arab nations for contributions to Loss and Damage Fund
Security force members use an inflatable raft to bring residents to safety from a flooded area near the bank of the overflowing Bagmati River following heavy rains, in Kathmandu, Nepal, September 28, 2024. REUTERS/Navesh Chitrakar KUALA LUMPUR - Philippine President Ferdinand "Bongbong" Marcos Jr. asked oil-rich Arab countries for contributions to the Loss and Damage Fund. During the 2nd ASEAN – Gulf Cooperation Council (GCC) Summit, Marcos emphasized that climate change remains ''one of the most defining challenges of our time—not the most defining challenge of our time.'' ''Both our regions are climate vulnerable,'' Marcos said. ''Our populations face significant climate-related risks, such as sea level rise, rising temperatures, desertification, and loss of biodiversity, amongst others. As host of the Fund Corresponding to Loss and Damage, or FRLD, the Philippines would like to encourage contributions through that fund,'' he added. The member states of the GCC include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Marcos said the Philippines' hosting of the FRLD would accelerate the unhindered access of developing nations to climate finance. This shall help in the development and implementation of transformative and science-based strategies and initiatives for climate change adaptation, mitigation, and disaster risk management, Marcos said. Marcos has made a commitment to push for evidence-based solutions in addressing the impacts of climate change, adding that its unprecedented impact has the potential to disrupt communities and supply chains. The Philippines was elected to host the Loss and Damage Board in July 2024. The Loss and Damage Fund aims to provide financial assistance to vulnerable countries dealing with the devastating effects of climate change. — VBL, GMA Integrated News
Entrepreneur
13-05-2025
- Business
- Entrepreneur
UAE Minister of Climate Change and Environment, H.E. Dr. Amna bint Abdullah Al Dahak, Sheds a Spotlight on the UAE's Climate Financing Strides at DFS 2025
Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. During a fireside chat on day one of the Dubai Fintech Summit 2025 -the third edition of an annual event by DIFC that convenes regional and global fintech stakeholders, which was held from May 12-13 this year- H.E. Dr. Amna bint Abdullah Al Dahak, UAE Minister of Climate Change and Environment, noted that the UAE "has always been a supporter for countries to achieve their climate action and climate agenda." Moderated by Lenah Hassaballah, editor and presenter at CNN Business Arabic, the conversation put a spotlight on the intersection of sustainability, policy, and economic growth. The UAE's Loss and Damage Fund -an initiative launched during 2023's COP28 which is aimed at assisting developing countries most vulnerable to the adverse effects of climate change- was the opening point of discussion. "I would like to start by reminding everyone that the operationalization of the Loss and Damage Fund happened on the very first day of COP28, where we witnessed the pledge from the UAE of US$100 million to support this fund," Dr. Al Dahak noted. "And from there, we have seen the ball rolling and the momentum being gained. Up until today -as of March 2025- we have US$766 million pledged into the Loss and Damage Fund from 25 countries." Dr. Al Dahak then emphasized that the UAE has been deeply committed to aiding the communities that have been the first to be affected by the ongoing climate crisis- a pivotal reason behind the formation of the Fund in the first place. "It was essential to make sure that this fund is moving forward because, well, the UAE…we're always about impactful action, and we have seen the need for this," Dr. Al Dahak added. "And the operationalization of this fund shows the global commitment toward achieving or supporting those countries and their climate agendas. Now, since then, we have seen the progress in this fund as per the third board meeting in September 2024, which took place in Baku…So we can see now that all the groundwork has been laid for this fund to operationalize and become into action. Now, we need to make sure through all international conversations and through multilateral platforms that are focused on climate action, that those countries who have committed and pledged to support this fund -which was announced in COP29 in Baku to be currently fully operationalized- continue to translate those pledges into actions to make sure that resources are available and accessible for those countries and the most vulnerable communities at the moment." These opening remarks from Dr. Al Dahak eventually steered the fireside chat towards the urgency surrounding, and opportunities presented by, aligning financial systems with climate goals. At the crux of this conversation was the ALTÉRRA Fund- said to be the world's largest climate investment fund with a goal to mobilize US$250 billion globally by 2030 towards climate-related investments and initiative that supports the global transition to a low-carbon economy. Launched in the midst of 2023's COP28 in the UAE, it aims to not only mobilize capital for climate initiatives, particularly in developing countries, but also seeks to bridge the climate finance gap. But Dr. Al Dahak noted that even before addressing the aforementioned issues, the ALTÉRRA Fund sought to, first and foremost, "change the people's perception about investment." "We want people to know that investment, the return on investment and the return on the environment with respect to climate action and climate agenda can go hand in hand," she said. "Two words we have been hearing from Dr. Sultan Al Jaber [the COP28 President] is that we have to be practical and pragmatic. So we have to always ensure that we're translating action in a way that is providing more innovative solutions but also making the investment where it matters. The ALTÉRRA Fund started, or rather was announced, in COP 28 with a commitment of $30 billion [from the UAE]. And it is designed, from the very beginning, to mobilize up to $250 billion by 2030 and with a completely different paradigm than what is understood to be, or what is looked at, as investment funds." Ultimately, these efforts by the UAE are to, quite simply, make climate action "affordable, accessible and at scale to the most vulnerable communities," reiterated Dr. Al Dahak- a strategy that moderator Hassaballah noted as a "win-win situation." "The most important thing is that it's designed with the right return on investment model but at the same time the right return on environment as well," Dr. Al Dahak declared. As the conversation then moved into the realms of climate change challenges, the growing significance of clean energy models and the need to create more innovative models of climate financing. Dr. Al Dahak further stressed upon the UAE's role in "green transition" and in helping businesses efficiently reach their net zero goals. Watch the full video to gather more insights from this DFS 2025 fireside chat!
The Sun
12-05-2025
- Business
- The Sun
M'sia to champion biodiversity, climate resilience at COP30
KUALA LUMPUR: Malaysia is set to take a leading role in championing biodiversity conservation and climate resilience at COP30 2025 in Belém, Brazil, as it builds on the momentum from COP29 in Baku, Azerbaijan. The Natural Resources and Environmental Sustainability Ministry (NRES) said, with climate change posing an ever-growing threat to ecosystems and vulnerable communities, Malaysia is stepping up its commitment to regional collaboration, climate finance and sustainable development. 'Despite contributing just 0.8% of global greenhouse gas emissions, Malaysia has remained steadfast in upholding the Paris Agreement at a time when some global players have stepped back. 'The country views climate action as a moral and environmental responsibility, rather than a political issue, and has consistently sought to lead by example in global climate negotiations,' NRES said in a statement. NRES said, at COP29, Malaysia actively engaged in discussions to push for bold climate action, championing policies that ensure fair financial support for developing nations. 'One of the major outcomes Malaysia welcomed was the establishment of a new global climate finance target of US$300 billion annually until 2035. 'The country also played a key role in the operationalisation of the Loss and Damage Fund, ensuring that financial aid reaches the most vulnerable nations struggling with climate-related disasters. 'Malaysian negotiators were instrumental in advocating for equitable resource distribution, pressing developed countries to fulfil their financial obligations,' they said. As Asean Chair in 2025, NRES highlighted that Malaysia is prioritising stronger regional cooperation in tackling climate change. 'At COP29, the country played a central role in advancing the Asean Common Carbon Framework, an initiative aimed at fostering low-carbon economies and sustainable energy transitions across Southeast Asia. 'This framework is expected to lay the groundwork for a more coordinated regional response to climate challenges,' they added. Additionally, NRES remarked that Malaysia is pushing forward with a series of ambitious climate policies domestically. 'The government is finalising the National Climate Change Bill, which will establish a strong legal framework for sustainability initiatives. 'At the same time, Malaysia is preparing its third revision of Nationally Determined Contributions (NDC 3.0), setting more ambitious targets to align with its goal of achieving net-zero emissions by 2050,' NRES said. They said a key priority for Malaysia at COP30 will be biodiversity conservation, recognising that protecting ecosystems is crucial for climate resilience. 'As one of the world's most biodiverse nations, Malaysia will use the global climate summit to push for stronger commitments to safeguard natural habitats, combat deforestation, and promote nature-based solutions to climate change,' they added. To further strengthen its climate resilience efforts, NRES noted that Malaysia is implementing the National Adaptation Plan (MyNAP), which is supported by the Green Climate Fund, an entity under the UN's Financial Mechanism. 'This plan focuses on addressing climate vulnerabilities, particularly in areas affected by flooding, coastal erosion, and extreme weather events,' they said. NRES highlighted that Malaysia is also setting its sights on becoming a leader in carbon trading, with the development of the National Carbon Market Policy. 'This initiative aims to operationalise Article 6 of the Paris Agreement, enabling Malaysia to establish a compliance-based carbon market that aligns economic growth with emissions reductions. 'By doing so, Malaysia hopes to attract green investments and position itself as a key player in sustainable finance,' they remarked. Looking ahead to COP30, NRES noted that Malaysia will present the Asean Joint Statement on Climate Change, further strengthening the region's position in global climate negotiations. 'Additionally, the country is spearheading efforts to develop the Southeast Asia Alliance (Group Sea) - a new negotiation bloc that will amplify Asean's collective voice on climate policies. 'These initiatives underscore Malaysia's commitment to ensuring Asean nations are not left behind in the global shift toward sustainability. 'At COP30, Malaysia will also continue advocating for climate finance mechanisms that support developing nations, particularly within Asean. 'The country will also push for stronger public-private partnerships to accelerate low-carbon innovations and ensure that the region remains competitive in the global green economy,' NRES said.
Egypt Today
05-05-2025
- Business
- Egypt Today
Minister: Encouraging youth to engage in environmental work is investment opportunity
Egyptian Minister of Environment Dr. Yasmine Fouad - file CAIRO - 5 May 2025: Egyptian Minister of Environment Dr. Yasmine Fouad opened Monday the symposium "Youth and Environmental and Development Sustainability: Axis for Shaping the Future." At the beginning of the symposium, Dr. Fouad expressed her happiness at learning about pioneering student projects in the environmental field. She also emphasized the importance of encouraging youth to engage in environmental work, not just raising awareness. She highlighted the significant role played by the Egyptian government and political leadership in transforming this issue and changing the prevailing notion among some that the environment is an obstacle to investment. "This understanding has changed significantly, and the environment has become an opportunity for investment in many projects, such as new and renewable energy projects." Dr. Yasmine Fouad, Minister of Environment, went on explaining that the credit for increasing public awareness of the importance of the environment and changing the prevailing perception among some, is largely due to Egypt's hosting of the COP27 Climate Conference, the largest UN conference in the world focusing on a critical topic such as climate change. This conference contributed to a tangible impact and a qualitative shift, clearly evident in the increased demand for environmental projects, which created greater job opportunities. She further emphasized the need to encourage young people to always view the environment as an opportunity for self-employment and to launch small projects that serve the environment while simultaneously generating financial returns. Dr. Yasmine Fouad highlighted the successes of the COP27 climate conference, such as the launch of the Energy, Water, and Food Projects Linkage Program, which links renewable energy projects that attract investment and funding from development partners with agriculture and water projects linked to adaptation. This required Egypt to issue a national plan and projects in this regard. The conference also resulted in the creation of a Loss and Damage Fund, which was activated at the next climate conference in the UAE, COP28, and its funding began at COP29. Egypt continues to chair the international initiative for nature-based solutions to address the impacts of climate change. Regarding the cultivation of fruit trees, she explained that the Ministry has issued a guide for tree species suitable for each governorate and its needs, and that governorates are being assisted by providing nurseries to provide trees. She also referred to the "Environment is a livelihood" campaign to educate farmers about the need to avoid burning agricultural waste and to promote available alternatives that can be a source of livelihood. She highlighted the important role of awareness-raising before imposing fines.
Express Tribune
26-04-2025
- Business
- Express Tribune
Finance minister calls for swift action on climate resilience at IMF talks
Listen to article Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has called for urgent international action on climate resilience and economic diversification during high-level engagements at the 2025 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington, DC. Speaking at the dialogue for the Fund for Responding to Loss and Damage (FRLD), Aurangzeb termed climate change an existential threat to Pakistan, citing the 2022 floods. He urged the swift operationalisation of the Loss and Damage Fund with simple, agile, and accountable mechanisms to ensure timely disbursement to vulnerable countries. In a series of bilateral meetings, Aurangzeb discussed foreign investment, economic reform, and climate financing. In talks with Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA), the minister expressed appreciation for MIGA's role in resolving the Star Hydro project dispute and welcomed its planned mission to Pakistan later this year. He also met Thomas Lersten, a senior US State Department official, thanking Washington for its support at the Pakistan Minerals Conference and underscoring the need to resolve tariff challenges. Aurangzeb said a high-level trade and investment delegation from Pakistan would soon visit the United States to deepen economic cooperation. During discussions with International Finance Corporation (IFC) Managing Director Makhtar Diop, the minister highlighted Pakistan's improving macroeconomic indicators, including Fitch's recent credit rating upgrade. He called for fast-tracking IFC advisory support for Karachi Airport and capacity-building at the subnational level. In a meeting with the United States Export-Import Bank, Aurangzeb briefed senior officials on fiscal reforms and Pakistan's progress under the IMF's Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF). He urged greater support for US investment in strategic sectors, including the Reko Diq project. He also held talks with JP Morgan Chase, where he reaffirmed Pakistan's stable macroeconomic outlook and plans to diversify markets. The minister expressed Pakistan's readiness to re-enter international capital markets through a Panda Bond issuance. At an IMF panel titled 'Navigating an Uncertain World,' Aurangzeb emphasised the importance of regional trade, economic diversification, and export-led growth, with a special focus on the technology and IT sectors as growth engines. Later, the minister discussed development finance with Dev Jagadesan, Acting CEO of the US International Development Finance Corporation (DFC), and met Baroness Jenny Chapman, UK Minister of State for International Development. Aurangzeb thanked the UK for its longstanding development partnership and shared progress on the World Bank's 10-year Country Partnership Framework for Pakistan, which prioritises climate resilience and population strategies. He also lauded the UK's REMIT initiative to improve transparency in development aid.
