Who will finance the Loss and Damage Fund?
There is still a lack of clarity about how exactly the fund will be financed — it is up to the TC to propose a concrete plan that countries will discuss at COP28. Many experts say that the cumulative historical emissions of developed countries should be used to determine how much each country should contribute to the fund.
This would mean that the main contributors to the fund should be the countries that contribute the most to global greenhouse gas emissions — countries such as the US, China, Russia, the UK, Japan, and the EU. The UN Secretary-General António Guterres also called for the use of windfall taxes on fossil fuel companies and suggested that the Loss and Damage Fund should redirect this money to countries suffering loss and damage from climate change.
