COP28: Is the Loss and Damage fund a game-changer or just another empty promise?

cop28/loss and damage fund

COP28: Is the Loss and Damage fund a game-changer or just another empty promise?

 

In a pivotal moment at the ongoing COP28, discussions surrounding the loss and damage fund have taken centre stage, highlighting both progress and challenges. Notably, concerns have been voiced regarding the operationalization of funds promised at COP27 in Egypt last year, especially in vulnerable regions, particularly Africa. This came to fruition on Thursday at the opening plenary of COP28 after delegates adopted a loss and damage operationalisation agenda.  Just after that, high-income countries began to make pledges in solidarity with the new funds, with over $500 million pledged so far.

 

This has been described as a historic moment for climate action globally, particularly in climate-vulnerable countries, and the first big win ever recorded on the first day in the history of COP negotiations. Global climate activists are not holding back their applause, commending world leaders for their swift action and asserting that this new fund initiative will act as a potent catalyst for climate-resilient development, especially in nations most susceptible to climate change impacts.

 

However, amidst the cheers, Nnimmo Bassey, director of the Health of Mother Earth Foundation (HOMEF), expressed reservations about COP28’s overall agenda. He cautioned against what he sees as a reliance on false solutions like carbon offsetting and unproven techno-fixes. Despite acknowledging the strides made during the opening plenary and the pledges received, Bassey emphasized that the current cash commitments are a mere fraction of the required $400 billion annually.

 

While some applaud the initial pledges, Bassey pointed out that $500 million might equate to the cost of a single missile, emphasizing the need for more substantial contributions. He raised concerns about the speculative nature of carbon trading, linking it to what he terms “carbon colonialism,” where large portions of African land are at risk.

 

Zooming in on Nigeria, on Friday, Mr. Ugbor underscored the pivotal nature of the Loss and Damage Fund’s operationalization at COP28, especially for conflict-ridden regions like Benue State. With over 10,000 fatalities and more than 250,000 displaced people, these areas have borne the brunt of climate-induced conflicts. For Ugbor, the fund represents not just financial aid but a mechanism for justice and support for communities grappling with the consequences of environmental change.

 

Ure Utah, Founder of Bridge Synergy, added her voice, calling the operationalization of the Loss and Damage Fund a historic milestone with profound implications for Africa. Utah highlighted the unprecedented global unity and commitment demonstrated by swiftly putting the fund into operation within a year of its agreement at COP27.

 

She stressed the fund’s importance for Africa, a continent facing severe climate impacts despite contributing minimally to global emissions. Fora Luckie Abang, a Commonwealth Youth mobilizer and climate justice advocate at COP, sees the decision to operationalize the loss and damage fund as a validation of African leaders’ resolve, as outlined in the Nairobi Declaration adopted in Kenya. Abang asserts that this validates Africa’s strong influence on global climate politics.

 

As COP28 continues, it’s like a war is brewing over the loss and damage fund. It’s not just about money; it’s a signal to gear up, show how determined we are, and a clear message that fighting climate change is not just about making promises. It needs big, bold moves. The big question now is whether these promises are just a quick fix or if they will kickstart a massive global change.

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