Woman watering crop
Peter Caton/CARE

A landmark day for climate justice despite imperfect Loss and Damage Fund agreement

On the first day of COP28, countries have agreed on the details to operationalize the Loss and Damage Fund - the funding needed to compensate low-income countries for the climate change impacts they cannot adapt to. Fanny Petitbon, Head of Advocacy for CARE France, commented on the historical yet imperfect agreement:

"Today is a landmark day for climate justice, but clearly not the end of the fight. On the first day of COP28, Parties agreed on the details to operationalize the Loss and Damage Fund. We hope this decision will result in rapid delivery of support for communities on the frontlines of the climate crisis, including the two million people affected by massive floods in Somalia. However, the agreement has many shortcomings. It enables historical emitters to evade their responsibility. It also fails to establish the scale of finance needed and ensure that the Fund is anchored in human rights principles. The World Bank will serve as the interim host of the Fund for its first four years if it is able to meet a set of crucial criteria to guarantee equity. We will be watching this closely, as these principles are far removed from how the World Bank typically works. 

“As World Leaders gather in Dubai, our message to them could not be clearer: the Loss and Damage Fund must not remain an empty promise. We urgently call on all governments who are most responsible for the climate emergency and have the capacity to contribute to announce significant pledges in the form of grants. Historical emitters must lead the way. 

“Financial commitments must not be about robbing Peter to pay Paul: funding must be new and additional. COP28 must also design a clear pathway to establish innovative sources of finance based on a polluters-pay principle, such as a tax on the fossil fuel industry, a frequent flyer levy, a tax on international shipping fuel, a global wealth tax or a financial transaction tax.  

“Simultaneously, COP28 must deliver an unwavering commitment to a fast, full, fair and funded fossil fuel phase-out. This is paramount to prevent future loss and damage, which sits at the heart of our collective responsibility to safeguard our planet for future generations."

For media inquiries during COP28, please contact David Moore, Media Officer at CARE International UK ([email protected]).