[Title] Statement by Mr. AKAHORI Takeshi, Ministerial Consultation on Funding Arrangements for Responding to Loss and Damage

Thank you, Mr. President,

As the COP/CMA decision in Sharm el-Sheikh notes, the world faces increasing urgency of enhancing efforts to avert, minimize, and address loss and damage. At COP28 we need to ensure the success in delivering on the COP27 mandate, namely, the operationalization of the new funding arrangements and the fund. For success, we need the following three elements.

First, we need to start from an understanding that the fund is important but just one part of the funding arrangements under and outside of the UNFCCC and the Paris Agreement. Capabilities of the entire funding arrangements need to be enhanced and the fund should be given the role in the funding arrangements mosaic. The Transitional Committee is discussing a coordination mechanism between the fund and funding arrangements. I hope that this mechanism will be participatory, inclusive, and efficient to enable the fund and funding arrangements to maximize the effectiveness of their support. The fund cannot solve everything.

Second, the fund should be designed to prioritize developing countries that are particularly vulnerable to the adverse effects of climate change. Support must reach the most vulnerable countries and communities swiftly and efficiently. The most reliable way is to utilize assets of existing institutions such as the World Bank. Their experience and expertise will enable the fund to be operationalized as soon as possible. Building everything from scratch is unrealistic.

Third, the new fund and funding arrangements should accept contributions from all possible sources, both public and private. I would particularly highlight the necessity to overcome the bifurcated framework of developed vs. developing countries in envisioning the contributor base. Now is the time for all countries that have the capacities to do so to contribute to the support to those vulnerable countries.

I strongly hope that the Transitional Committee will produce a recommendation which sufficiently meets the needs of developing countries that are particularly vulnerable to the adverse effects of climate change. Japan will support such a recommendation. Japan will continue to prioritize support for mitigation, from the belief that investing in prevention is better than responding. I think this is similar to the plea by the distinguished delegate of Bangladesh.

I thank you.