Civil Society organisations have welcomed the creation of the climate loss and damage fund at the ongoing UN COP28 Climate Summit in Dubai.
The fund, it was agreed by the nations that will provide financial assistance nations most vulnerable and impacted by the effects of climate change to cope with loss and damage caused.
According to Ivan Tumuhimbise, the WWF Uganda’s Country Director , the fund is a big win for Uganda and Africa at large.
“Uganda is more than ready to take advantage of this opportunity to be able to fulfill its pledge on reaching the targets made by global biodiversity framework. It is about halting nature loss and driving nature positive development,” Tumuhimbise said.
“What is emerging from the pledges being made are opportunities for adopting regenerative agriculture and will make a lot of business sense for communities especially in highland areas in Uganda like Rwenzori, Sebei, Kigezi and Bugisu regions which constitute almost 20 million Ugandans. If all of them were able to adopt regenerative agriculture and work with government to enforce the recent pronouncement by president to evict communities from wetlands, we can achieve the 30 by 30 target as by global biodiversity framework.”
He added that Uganda is prepared for the loss and damage fund to ensure it has impact.
“We can benefit from COP28 by influencing only investments that promote nature positive are only funded. We call upon multinational financial instruments like World Bank and Africa Development Bank that lend money to government and private sector should take advantage of COP28 to ensure they push that only companies investing in nature positive investments are the only receive investments to ensure the war of climate change is won,” Tumuhimbise said.
