PM Mottley welcomes breakthrough on loss and damage fund at COP28

Prime Minister Mia Mottley on Thursday hailed news that delegates attending the COP28 conference in Dubai have reached a deal on the long-anticipated loss and damage fund that will help developing countries affected by the costly impact of climate change.

On day one of the two-week climate summit, rich countries agreed to contribute to the fund with hosts, the United Arab Emirates, agreeing to contribute $100 million, Britain approximately $451 million, $15.5 million from the United States, and $10 million from Japan. The European Union pledged $245.39 million, according to Reuters News agency.

Addressing this morning’s Independence celebrations, Mottley, who has been leading efforts to press rich countries to compensate developing countries forced to cope with stronger, more frequent storms, irregular weather patterns and other effects triggered by the climate crisis briefly highlighted the development, noting it was only a start.

Hundreds of Barbadians attended today’s Independence Parade at the Usain Bolt Stadium.

She told citizens it was clear that Barbados despite its size, can provide leadership to ensure the world can become a better place.
“Indeed as we speak here today, certain word has come from the UAE that the world’s nations have finally not only settled on the Loss and Damage Fund, but the capitalisation of it has started this morning in earnest,” she disclosed.

She thanked Barbadians for playing a role in ensuring that “this most essential item of justice can help level the playing field for those of us who have become victims of the climate crisis.”

Mottley, who will leave the island later today to attend COP 28, acknowledged there was still much work ahead

“Will we, today or next week see capitalisation where we want it, No. But it is the beginning. And as we have learned, step by step, we can ensure justice is delivered,” she said.