Summary:

• Uganda is among the first seven developing countries set to benefit from a $400 million Loss and Damage Fund, established at Cop28 to aid victims of climate disasters, with pledges from various countries and a focus on regenerative agriculture highlighted as key components for effective utilization.

Uganda is among the initial seven developing countries designated to receive assistance from the $400 million Loss and Damage Fund aimed at aiding victims of climate disasters. The decision to operationalize this fund was made during the opening of the Cop28 UN summit in Dubai.

Following this development, the Loss and Damage Fund Board is scheduled to convene in January 2024 to discuss the fund’s structure. Originating from COP27, the fund seeks to compensate vulnerable nations for the impacts of climate change, with a focus on Least Developed Countries (LDCs) and Small Island Developing States (SIDs).

During the summit’s opening plenary, several countries pledged new finances, including Germany (100 million Euros), the United Kingdom (40 million pounds), the United States ($17.5 million), Japan (US$10 million), and the United Arab Emirates (US$100 million).

WWF Uganda Country Director, Mr. Ivan Tumuhimbise, applauded the decision, emphasizing Uganda’s readiness to use the funds effectively in addressing the country’s climate crisis. He expressed confidence that the fund would help Uganda achieve its targets outlined in the global biodiversity framework, emphasizing the importance of halting nature loss and promoting nature-positive development.

Mr. Tumuhimbise highlighted the need for communities to adopt regenerative agriculture to ensure the fund’s business sense. He also emphasized the governance framework and decentralization arrangements as factors that make Uganda well-prepared for the fund, with district and national leadership collaborating to deepen preparedness.

While the eligibility criteria for the mechanism include all developing countries vulnerable to climate change, the specific definition of vulnerability remains unspecified in the text. The agreement marks an early success for Cop28 hosts, fostering a positive and collaborative tone at the conference, according to environmentalists.

Additional Reporting by Capital Radio Uganda, Writing & Editing by Busiinge Aggrey