Climate compensation fund vital for Maldives: Ministers

The COP28 summit, the largest environmental conference, has agreed to operationalise a 'loss and damage' fund to compensate for climate damage.

This is the first time in the history of the COP summit that such a decision has been taken on the first day of a summit.

Maldives's Foreign Minister Moosa Zameer, who was at the COP summit, said in a post on 'X' that this was an important step in the right direction.

“We thank the UAE for their strong leadership and initial pledge, as well as other countries which have made pledges,” Zameer said.

Environment Minister Thoriq Ibrahim, who is also attending the summit, said the decision to establish the fund shows the world's willingness to work against climate change.

“This is a pivotal moment for SIDS like the Maldives,” Thorig said.

Within an hour of the decision to set up the Loss and Damage Fund, various countries have pledged to deposit money into the fund. The total amount of guaranteed deposits has so far exceeded USD 420 million. Some of these countries are: