PUBLISHED : 10 Dec 2023 at 04:00
Thailand has called for stronger action from its partners in developed nations to raise $100 billion for a lost and damage fund by 2025, saying it is crucial for developing states to meet their climate goals.
Speaking as a representative of the government during the COP28 meeting in Dubai yesterday, Minister of Natural Resources and Environment, Pol Gen Phatcharavat Wongsuwan, said Thailand has committed to reaching carbon neutrality by 2050 and meeting its Net-Zero Greenhouse Gas Emission target by 2065.
The country is moving towards phasing down fossil fuels in line with its 2050 Carbon Neutrality goal, he said. “The climate finance goal of US$100 billion by 2025 is crucial for developing states to achieve their climate targets as promised,” he said.
“No country is spared from the adverse effects of climate change,” he added. “I am gratified the fund has been established and will be materialised further at COP28.”
According to the Organization for Economic Co-operation and Development, developed nations transferred $89.6 billion to the fund in 2021.
The fund, with a goal of raising $100 billion by 2025, will be used by developing nations to mitigate the impacts of climate change.
The fund has been a long-standing demand by developing nations coping with the costs of extreme weather events. At COP28, the UAE committed $100 million to the fund, and Germany $100 million, according to a report by The Guardian. The US, meanwhile, has pledged $17.5 million and Japan $10 million, the report said.