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Loss and Damage fund contributions at COP28 so far cover less than 0.2% of climate-related losses in developing countries

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By illuminem briefings

· 2 min read

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🗞️ Driving the news: At COP28 in Dubai, developed nations have pledged $700 million to the Loss and Damage Fund
• This fund aims to support vulnerable communities facing climate-related challenges
• Key contributors include the UAE, Germany, the UK, Japan, and the US, with varying amounts pledged

🔭 The context: The Loss and Damage Fund was established as a response to the disproportionate impact of climate change on marginalized communities and as part of the ongoing climate justice efforts
• Despite recent pledges, the funds are significantly lower than the estimated $400 billion per year needed by developing nations

🌍 Why it matters for the planet: The contributions to the Loss and Damage Fund reflect a growing acknowledgment of the urgent need to support communities most affected by climate change
• This fund is a critical step in addressing the inequalities exacerbated by global warming and supporting those who have contributed the least to it

⏭️ What's next: As COP28 negotiations continue, there is a call for wealthier nations to make bolder pledges to the fund
• The success of the fund in effectively supporting vulnerable countries hinges on the commitment and contributions of developed nations

💬 One quote: "The fund must operate in an unconventional manner compared to existing funds, tailor itself to the needs of developing countries impacted by loss and damage, and ensure direct support reaching vulnerable countries and communities," (Manjeet Dhakal, Advisor to the Chair of the LDC Group)

📈 One stat: The current pledges total $700 million, less than 0.2% of the $400 billion per year needed by developing countries to tackle climate-related challenges

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