Loss And Damage Fund Meeting Ends With No Outcome As Countries Fail To Agree On Key Aspects Of Its Functioning
Despite going into overtime and several rounds of breakout and plenary discussions, the fourth meeting of the Transitional Committee (TC) on Loss and Damage has ended with no outcome. The meeting was held here from 17-20 October and was meant to draft the recommendations for COP28 to operationalize the Loss And Damage Fund.
The Loss and Damage Fund, announced at COP27, was hailed as a victory for those fighting for decades for climate damages.
However, key elements of its functioning : it’s governance, structure, location, source of funding and beneficiaries of funding remain mired in disagreement with rich countries pushing for it be hosted in the World Bank which is a red line for developing countries who have asked for an independent fund.
Given the importance to have the recommendations at COP28, the TC has decided to schedule another meeting in a last-ditch attempt to bridge the differences. This meeting will be hosted by the COP28 Presidency in Abu Dhabi from 3-5 Nov., after the pre-COP.