The Loss and Damage Fund has just been operationalised at COP28, which began today in Dubai, United Arab Emirates.
The Loss and Damage Fund is a fund to provide a form of reparation such that rich nations are to pay a damage cost to developing nations, which are more vulnerable and are often more affected by climate change.
The agreement to establish a loss and damage fund was made at COP27 in Egypt last year after several years of debating on the issue.
“It’s a historic moment — but critical concerns must still be addressed,” said Harjeet Singh, Head of Global Political Strategy, Climate Action Network International.
He added, “Rich countries have pushed for the World Bank to host this fund under the guise of ensuring a speedy response.
“Conversely, rich nations have also attempted to dilute their financial obligations and resisted defining a clear finance mobilisation scale. The absence of a defined replenishment cycle raises serious questions about the Fund’s long-term sustainability.
“Therefore, a robust system, integrated with the Global Stocktake process and the new climate finance goal, is needed to ensure a meaningful COP28 outcome.
“The responsibility now lies with affluent nations.
“They must meet their financial obligations in a manner proportionate to their role in the climate crisis — driven by decades of fossil fuel consumption and a lack of adequate climate finance delivered to the Global South.”
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