Climate ‘loss and damage’ fund should be free from bureaucracies, Museveni tells leaders at COP28

Climate Change
Climate ‘loss and damage’ fund should be free from bureaucracies, Museveni tells leaders at COP28
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President Museveni has told world leaders at the ongoing UN COP28 Climate Summit in Dubai that whereas Uganda welcomes the creation of a fund to help compensate countries struggling to cope with loss and damage caused by climate change, it should be free from the usual bureaucracies in accessing it.

“Uganda looks forward to COP28 establishing loss and damage fund that is accessible, free from bureaucracy of the multilateral development banks and free from debt trap,” Museveni said in a speech read for him by the Prime Minister Robinah Nabbanja who led the Ugandan government delegation to COP28 in Dubai said on Saturday.

On the opening day of the UN COP28 Climate Summit, nations agreed to create a fund that aims to provide financial assistance to nations most vulnerable and impacted by the effects of climate change.

To this, several nations started putting in money right away with the hosts, United Arab Emirates, and Germany each committed to donating $ 100 million.

The loss and damage fund board will in January 2024 meet to discuss the structure of the fund and Uganda is one of the first seven countries to benefit from it.

Speaking on Saturday, Museveni said while Uganda’s natural biodiversity presents important opportunities for adaptation and mitigation that can greatly contribute to global reduction of greenhouse gas emissions of up to 24.7% by the year 2030, it is highly vulnerable to climatic shocks.

“Of recent, in some parts of the country, we have experienced floods, landslides, and prolonged drought with rising temperatures yet the country contributes only 0.01% of global emissions. We therefore appeal for partnerships to offset these climate change costs,” he  urged.

The president told the leaders that because Uganda is mindful of the rampant degradation and the associated impacts escalating climate change, government has come up with policies to protect and preserve our environment and biodiversity.

He  however noted that currently, only 10% of climate finance in Uganda reaches the local level, calling for the need to have this changed.

“This is unacceptable. Uganda therefore supports the climate finance approaches in which at least 70% of the resources is allocated to locally prioritized climate actions while empowering last mile communities.”

He also informed the summit that the Ugandan government recognizes and welcomes the Glasgow Climate Pact of the multiple forms and stages of just transitions that seeks to deal with climate change.

“We also envision an orderly and phased energy transition that ensures the shift from fossil fuels to renewable energy, minimizes negative consequences on workers, communities, ecosystems and national economies for enhanced energy access and sustainable development.”

 

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