First Minister: “Scotland’s leadership paves the way for loss and damage funding”
£2 million loss and damage pledge unlocks over $650 million globally.
First Minister Humza Yousaf has joined global leaders and outlined Scotland's ambitions to tackle the climate crisis during COP28, as the global sum committed to addressing loss and damage reaches over $650 million.
Over the course of his trip the First Minister joined His Majesty King Charles III to officially open a new Heriot-Watt Dubai Campus and made the keynote speech at Global Ethical Finance Initiative’s (GEFI) Climate Finance Summit.
He also hosted a St Andrew’s Day reception with some of Scotland’s food and drink industry leaders and joined the Scottish business delegation to discuss their work to attract investment in strategic net zero sectors across the country.
New funding to provide clean and reliable energy in Scotland’s partner countries Malawi, Zambia and Rwanda was also announced and further detailed how the £2 million from Scotland’s Climate Justice Fund will help tackle loss and damage in climate vulnerable communities.
During various meetings and engagements with world leaders, activists and communities he reiterated Scotland’s commitment to climate action, renewable energy and a just transition to net zero.
First Minister Humza Yousaf yesterday said:
“At COP26 in Glasgow, Scotland became the first developed nation in the world to commit funding to address loss and damage. That £2 million commitment ignited a debate and showed global leadership. Despite being a relatively small amount in the context of the overall challenge, that commitment now shows that the voices of small nations are crucial for climate justice and can make a big difference.
“Since then, we have shown further solidarity with those who have been campaigning on loss and damage for some time, and urged other countries to commit the finance needed to address the challenge - and I am encouraged by the progress already made on loss and damage at this COP.
“It shows that Scotland can play our part on the world stage, and we have the influence and global standing to turn a £2 million investment into over half a billion dollars worth of funding from some of the most powerful nations in the world, like Germany, the USA, and the UAE, in just two years.
“However, it is absolutely imperative that this funding follows Scotland’s example and is prioritised to meet the needs of the communities who need it the most, equitably, transparently and distributed in a way that does not add to the debt burden of Global South countries. We also hope to see progress on a just transition from fossil fuels to renewables in the final agreement.
“The decisions made at COP28 affect the prosperity, health, and wellbeing of all of us and it is no understatement to say the action that world leaders take now is vital to the future of the planet we share. I want to send my best wishes to the negotiating teams for what I hope will be a successful outcome of the summit.
“Outside of the formal negotiations which are ongoing, Scotland continues to play a bridging role in bringing together young climate activists, women, and under-represented voices from the Global South to the table. It’s essential that those voices continue to be listened to, and even more importantly, heard.
“We are at a crucial juncture, and as one of the nations that led the world into the industrial age, it is vital that Scotland continues to take a leading role in the just transition to net zero. We will continue sharing our expertise, and learning from our friends and partners on this journey to keep global warming limited to 1.5 degrees - an ambition which has never been more urgent.”
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