The Loss and Damage Fund was set up last year at COP27. The fund aims to provide financial support to developing countries to recover from climate-led disasters.
At COP27, the setting up of the fund was declared a huge success for developing countries that are facing the brunt of climate change disasters. It also allowed such countries to have some hope that they would be compensated for socio-economic losses as a result of climate change disasters every year.
A one-year time frame – from COP27 to COP28 – was set to design and finalize modalities of the fund. The preliminary session of COP28 (Nov 30-Dec12) opened with the consensus to operationalize the Loss and Damage Fund; many countries have announced their pledges. The UAE and Germany both have pledged $100 million; Italy and France have promised to provide $108 million. The US, historically the largest emitter of greenhouse gases, has currently committed only $17.5 million. Japan has contributed $10 million.
Similarly, the EU has committed to $245.39 million, and Britain has promised at least $51 million. A total of $700 million have been pledged so far. But there is still no commitment from companies involved in greenhouse gas (GHG) emissions........