DUBAI, December 9. /TASS/. Moscow is considering the possibility of financing the new UN fund to provide assistance to nations most vulnerable and impacted by the effects of climate change (Loss and Damage Fund) using frozen national reserves, head of the country’s delegation at the 28th UN Climate Change Conference (COP28), Russia’s Special Presidential Envoy for Climate Ruslan Edelgeriyev said.

"Russia is considering the issue of voluntary allocation of financial contribution to Loss and Damage Fund using frozen national gold and foreign currency reserves in international organizations," he said, adding that "this move is due to the critical need to remove the gap between the demands of developing countries and their possibilities."

The Russian delegation expects progress in the talks on issues of developing mechanisms for reaching the global goal of financing climate programs after 2025, Edelgeriyev added.

The countries participating in the COP28 summit greenlighted the agreement on the creation of a fund to recover losses and damage from the climate change to developing nations, which implies the development of a special financial mechanism that will help vulnerable countries cope with the loss from the aftermath of the climate change.

COP28 will be held until December 12.