Last week’s emergency meeting of the Transitional Committee responsible for structuring the Loss and Damage Fund ended with mixed results.
The good news: The Committee drew up the blueprint for the Fund, which will now be considered at the COP28 climate summit in Dubai in December.
The bad news: The current terms are far from ideal. For example, developing countries contend that housing the Fund within the World Bank — whose leadership is dominated by wealthy nations — gives donor countries undue influence over the fund, and could result in high fees for recipient countries. The text also left unclear whether contributions from wealthy nations to the fund would be mandatory, opening the door to inadequate and unenforceable voluntary funding.
The NY Times reported that the Fund's initial goal would be $500 million. While this figure is significant, it is minimal compared to the trillions needed to manage the extensive climate disasters expected in future years.
Visit the campaign page to learn more about why small islands and developing countries require adequate financial support to deal with the climate crisis they didn’t create. Once there, don’t forget to sign the petition.