170+ Humanitarian, Climate, And Development Organization's Demand Scaled Up Finance For The Loss And Damage Fund
Over 170 organization’s from the humanitarian, climate and development sectors have issued a joint call demanding Loss and Damage finance, under the United Nations Framework Convention on Climate Change (UNFCCC), based on four priorities: access, adequacy, additionality, and accountability.
Speaking at a press briefing today, organised by Climate Action Network, Former Federal Minister for Climate Change, Pakistan and lead G77 negotiator for Loss and Damage at COP27, Senator Sherry Rehman said: “It is absolutely urgent that the Loss and Damage fund is operationalised at COP28. Time is of the essence. We have small island states that are sinking and could disappear even within a decade. We are at an inflection point in the climate crisis and COPs and other multilateral fora are an opportunity to decide on real solutions. We should have had a Loss and Damage fund and the finance for it many COPs earlier. And now we cannot afford to waste time and have a ghost fund that is unable to serve the countries who desperately need help.”
2023 is set to be the hottest year ever with July, August and September among the hottest months since climate records were kept. Many developing and vulnerable countries who are already burdened with unjust debt and loans are struggling to access funds to rebuild and recover from intensifying and frequent climate-induced disasters. Finance for Loss and Damage must be in addition to existing humanitarian aid measures if it is to meet the needs of the moment and the era of the polycrises.
Harjeet Singh, Head, Global Political Strategy, Climate Action Network International said: “After months of relentless dialogue on the operationalization of the Loss and Damage Fund, it is disheartening to find ourselves back at square one. Developed nations appear to be using every tactic in the book to diminish the breadth and depth of the new Fund, aiming to sidestep their responsibilities. As the globe grapples with unparalleled climatic catastrophes, we cannot permit more delays or deceptive maneuver. The communities bearing the brunt of these disasters, through no fault of their own, deserve genuine commitment and action, not betrayal.”
The speakers said that new and additional finance for Loss and Damage is a matter of will and not of capacity with rich nations pouring billions at short notice for military spending, wars and to bail out polluters.