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Western nations are on the cusp of usurping loss and damage fund. This could derail COP28

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:

🗞️ Driving the news: The recent Fourth Transnational Committee on Loss and Damage in Egypt ended in a deadlock, threatening to derail COP28
• The U.S. and other wealthy nations proposed that the World Bank oversee the Loss and Damage Fund, sparking outrage among G77 nations due to the World Bank's slow response to climate crises and its political implications

🔭 The context: The Loss and Damage Fund is seen as a transformative tool for vulnerable nations to adapt to climate change
• However, the suggestion to place it under the World Bank's control is criticized for potentially allowing Western nations to exert undue influence and evade their financial responsibilities for climate action

🌍 Why it matters for the planet: The fund is crucial for supporting countries in the Global South to manage climate change impacts
• Restricting access based on vulnerability criteria could divide these nations and undermine efforts to address climate change collectively

⏭️ What's next: A pre-COP meeting scheduled for this Friday represents a critical opportunity to establish an independent body to oversee the fund
• This body should operate under international law and include the implementation of The Santiago Network for technical assistance

💬 One quote: "Loss and damage might end up in the dustbin of failed climate efforts — and with it, any hope of the support much of the world needs to contend with climate change and keep our planet within 1.5 degrees." (Nik Nazmi bin Nik Ahmad, Minister of Natural Resources, Environment and Climate Change of Malaysia)

📈 One stat: Developing nations will need hundreds of billions of euros, if not trillions, over the next 50 years to confront the climate crisis, highlighting the immense financial requirements for climate adaptation and mitigation

Click for more news covering the latest on environmental sustainability

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