Finland to contribute €3m to compensate for climate loss, damage

Prime Minister Petteri Orpo on Saturday ensured that Finland would support the new climate fund with EUR 3 million to compensate for climate loss and damage.

The Premier made the commitment during the UN Climate Change Conference COP28 in Dubai, said a government press release late Saturday night.

Meanwhile, speaking at the conference on the second day of the summit of heads of state and government, Orpo emphasised the need to act with urgency and determination and to make clear political commitments to put the world on track to limit climate change to 1.5 degrees, as agreed in the Paris Agreement.

“To enable the transition, we should agree on global targets for renewables and energy efficiency. These targets need to be accompanied by concrete steps towards phasing out fossil fuels and subsidies that support their use, and recognising the role of other carbon-free technologies, such as nuclear power,” he said.

Orpo underlined that Finland’s ambitious climate targets can only be reached with strong public-private cooperation.

“I am happy that Finnish companies can also offer a variety of practical solutions to help reach carbon neutrality globally. We want Finnish companies to expand their carbon handprint, meaning the positive climate impact that their products can have, and stand ready to share our expertise globally,” Orpo said.

He also said that the Finnish government was also committed to ensuring the preservation of natural capital as part of a responsible economic policy, and work to halt the loss of biodiversity.

“Our aim is that others around the world can utilise our expertise related to positive nature handprints in addition to carbon footprints,” said the Prime Minister.