Small island developing states have been making enormous efforts for decades to establish the Loss and Damage Fund, Fund's Executive Director Ibrahima Cheikh Diong said.
According to Report, Diong noted that the climate crisis requires urgent measures as its consequences have a significant negative impact on people's lives.
He said that despite some progress made, natural disasters are occurring more frequently, affecting millions of people in developing countries, including small island states. This already indicates the importance of rapid response and finding solutions that could improve their lives, he said.
According to Diong, billions of dollars are needed to address the problem of loss and damage.
He stressed the importance to capitalize the fund as quickly as possible. The Fund's Board is extremely committed to developing conditions as quickly as possible where access to finance will be simple, flexible, and fair so that to begin meeting the needs of countries in need, he said.
The Executive Director called on countries for real participation in the Fund's work. According to him, the Fund also advocates for developing national strategies and plans to combat loss and damage.
In this case, the activities fully align with countries' policies, commitments, and vision, thereby allowing to find sustainable solutions, he said.
Diong emphasized that climate action should aim to improve the lives of people who suffer daily from drought, tropical cyclones, and floods.