Loss and Damage Fund
Global Project
The most vulnerable countries to the climate emergency are the least responsible for it. A “loss and damage” fund for these vulnerable countries, with over US$300 million pledged, was agreed upon at COP27 in 2022. The money will be provided by countries responsible for historic greenhouse gas emissions. “Loss and Damage” refers to impacts of the climate emergency, such as rising sea levels, extreme weather events or heat waves.
This fund was originally negotiated and supported by the Majority World and China.
Funds have been pledged by individual countries, but the fund itself still needs to be set up and money sent to the countries that need it. Participating countries will also need to develop clear, equitable governance structures and processes for it to work effectively. Once the initial committee has made recommendations, decisions will be made around how to quantify how much funding different countries will receive, assess loss and damage and monitor how the money is spent.
The urgency of the climate emergency means that countries need to raise funds quickly and put the fund into use as soon as possible. The fund will also have to rapidly and flexibly pay out funds when they are necessary to be effective in responding to a climate disaster. There also needs to be common agreement around how to quantify “loss and damage”, as some losses can’t be replaced - such as the loss of life or cultural heritage.
There is a risk that not enough money will be raised or the funding mechanism will not be developed quickly enough to meet the urgent needs of countries suffering loss and damage.
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Support climate justice through recognising and advocating for victims of the climate emergency.
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