Climate Change: Finance

Foreign, Commonwealth and Development Office written question – answered at on 9 December 2022.

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Photo of Lord Selkirk of Douglas Lord Selkirk of Douglas Conservative

To ask His Majesty's Government what steps they are taking to support the creation of an international funding facility to combat climate change and respond to the loss and damage commitments made at COP27.

Photo of Lord Goldsmith of Richmond Park Lord Goldsmith of Richmond Park Minister of State (Foreign, Commonwealth and Development Office)

All parties at COP27, including the UK, agreed to establish both new funding arrangements for assisting developing countries that are particularly vulnerable to the adverse effects of climate change, and a fund for responding to loss and damage. Parties also agreed to establish a Transitional Committee on operationalisation of the funding arrangements and the fund.

The UK announced at COP27 £5 million of funding for the Santiago Network for Loss and Damage which will bring together and enhance the technical assistance available to developing countries suffering from the worst impacts of climate change.

The UK will constructively engage with the Committee, with the United Nations Framework Convention on Climate Change and parties and with civil society to help ensure the funding arrangements, fund and the Santiago Network for Loss and Damage deliver effectively for countries particularly vulnerable to the adverse effects of climate change.

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