The Transitional Committee responsible for structuring the Loss and Damage Fund met last month for what was supposed to be its final meeting.
But delegates made scant progress, with POLITICO reporting that “negotiations over an international fund for climate damages are at risk of falling apart.” To salvage progress, delegates are now holding an emergency meeting this weekend to iron out final details of the fund before presenting plans to COP28.
Negotiators from wealthy nations — particularly the United States and Japan, historically the first- and fourth-largest CO2 emitters globally — have been pushing to house the Loss and Damage Fund under the World Bank. But developing nations already face significant challenges coordinating funding from the World Bank, and hope to ultimately set up a standalone institution.
Small islands and developing nations already grappling with the climate crisis require financial assistance to survive, not additional loans and fees that could deepen their debt.
The Transitional Committee will convene one last time this weekend in a final effort to reach a consensus on the Loss and Damage Fund’s terms before they are formalized at COP28.
You can help get the Loss and Damage Fund across the finish line by signing the petition and sharing it on Facebook, and X (formerly Twitter).
