Minister Filipović: Croatia supports 'loss and damage' mechanism

Photo /Vijesti/2022/11 studeni/7 studeni/DSC_6424.jpg

Croatia supports the launch of the 'loss and damage' mechanism within the framework of available funds to provide financial assistance to countries affected by climate change, Economy and Sustainable Development Minister Davor Filipović said on Monday.

Minister Filipovioć is part of the Croatian delegation attending a UN climate meeting in Egypt.

"In accordance with what the EU has supported, Croatia supports the proposal that all countries that have suffered major damage caused by climate change should be helped within the framework of available funds and that part of those funds be invested in prevention," said the minister in the Egyptian city of Sharm El Sheikh, where the COP27 climate change meeting is being held.

The concept of 'loss and damage' refers to the damage that climate change is already causing in countries around the world, such as rising sea levels, Reuters reported.

Funding for the fight against climate change has so far focused on reducing harmful emissions, and about a third of the funds went to projects that will make communities more resilient to climate disasters.

The 'loss and damage' mechanism would be different because it would compensate for costs that states cannot avoid. This issue was put on the agenda for the first time at this year's COP, but disputes are expected concerning the proposed mechanism.

Filipović said that Croatia's contribution to the fight against climate change, among other things, included the adoption of the EU legislative package 'Fit for 55%,' which aims to reduce the bloc's emissions by at least 55% by 2030.

Croatia is conducting the energy renovation of buildings, modernising roads, especially railways, and has "lowered the VAT on 'solar panels' to zero percent in order to further move towards renewable sources," added Filipović.

Text: HINA