Rich nations have fallen short in following up on their initial pledges to the UN’s loss-and-damage fund, leaving poor nations struggling with the fallout of climate change.
Naveena Sadasivam reports for Grist.
In short:
- The loss-and-damage fund, launched in 2023, aims to help developing countries recover from climate-induced disasters but has seen limited funding since its inception.
- So far, the fund has raised $680 million—far below the estimated $580 billion needed annually by 2030 to cover climate damages.
- At the upcoming COP29, discussions will shift to broader climate finance issues, leaving further contributions to the loss-and-damage fund uncertain.
Key quote:
“A lot of us hoped that more countries would have come in. A lot of the developed countries take a kind of wait-and-see approach.”
— Liane Schalatek, the associate director of the Washington, D.C., office of the Heinrich Böll Foundation
Why this matters:
As climate disasters worsen, poor nations are left to shoulder disproportionate costs, despite contributing little to global emissions. Without substantial new funding, they will struggle to recover from the growing impacts of climate change.
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