Latest reports suggest that the $700m (£556m) pledged by the wealthy countries most responsible for the climate emergency to the loss and damage fund is only the equivalent of less than 0.2% of the irreversible economic and non-economic losses developing countries are facing from global heating every year.
In what was described as a historic move, the loss and damage fund was agreed at the opening plenary of the first day the Cop28 summit in Dubai – a hard-won victory by developing countries that they hoped would signal a commitment by the developed, polluting nations to finally provide financial support for some of the destruction already under way.
However, the pledges have fallen far short of what is needed, with the loss and damage in developing countries estimated by one non-governmental organisation to be greater than $400bn a year – and rising. Estimates for the annual cost of the damage have varied from $100bn-$580bn.
A breakdown of figures shows that the $100m pledge by the United Arab Emirates, the Cop28 host country, was matched by Germany – and then slightly topped by Italy and France, which both promised $108m. The US, which is historically the worst greenhouse gas emitter – and the largest producer of oil and gas this year – has so far pledged just $17.5m, while Japan, the third largest economy behind the US and China, has offered $10m.
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Harjeet Singh, who is the head of global political strategy at Climate Action Network International, a coalition of 200 climate groups, said that the initial pledges of $700m pale in comparison to the colossal need for funding, estimated in the hundreds of billions annually.
“The over 30-year delay in establishing this fund, coupled with the meagre contributions from affluent nations, particularly the US, the biggest historical polluter, signals a persistent indifference to the plight of the developing world, “he said.
Other pledges include Denmark at $50m, Ireland and the EU both with $27m, Norway at $25m, Canada at less than $12m and Slovenia at $1.5m.
The loss and damage funds should be new and additional – and come as grants not loans, according to climate justice experts. Yet in most cases, the nature and timing of the pledged money remain unclear as few countries have released further details.
Campaigners have pointed out that the UK’s £60m ($75m) pledge is neither new nor or additional and was taken from an existing and recently downgraded climate finance pledge.
Story was adapted from the Guardian.
