Italy pledges 100 mln euros to COP28 climate damage fund, PM Meloni says

Giorgia Meloni, Prime Minister of Italy

© APA | Giorgia Meloni, Prime Minister of Italy

# 01 December 2023 17:57 (UTC +04:00)

Italy will provide 100 million euros ($108.91 million) to a new fund to help poor countries cope with "loss and damage" due to climate change, Prime Minister Giorgia Meloni said on Friday, adding she would invest 70% of her 4.2-billion euro Climate Fund in Africa, APA reports citing Reuters.

"We are contributing to the loss and damage fund with 100 million euros to help achieve the goals of this COP28," she told an event at the COP28 climate conference in Dubai.

The Italian leader said world food security was among her foreign policy priorities and Rome wanted to help Africa develop an efficient food production system.

"Ensuring disease-resistant crops resilient to climate change, but also devising ever more modern and innovative agricultural techniques ... That is what we are engaged in," she said.

Italy's Climate Fund is part of a commitment by rich countries to funnel at least $100 billion a year in developing economies through green transition projects under the form of state guarantees, loans and equity investments.

In late 2021, under Meloni's predecessor Mario Draghi, Italy set aside 840 million euros per year between 2022 and 2026 for the programme plus an additional annual endowment of 40 million euros starting from 2027.

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