EU commits to put money in COP28 climate damage fund

The European Union will make a "substantial" financial contribution to a new international fund addressing the destruction caused by climate change, the European Commission said on Monday.

"The Commissioner is ready to announce substantial financial contribution by the EU and its Member States to the loss & damage fund at COP28," the Commission said in a statement, referring to EU Climate Commissioner Wopke Hoekstra.

The world-first climate "loss and damage" fund is set to be launched during the United Nations COP28 climate summit, which takes place from Nov. 30 to Dec. 12 in Dubai, the United Arab Emirates.