Despite a historic agreement on the loss and damage fund during the opening plenary of COP28 in Dubai, wealthy nations responsible for the climate crisis have pledged a mere $700 million, representing less than 0.2% of the annual economic and non-economic losses faced by developing countries due to global heating. This funding shortfall comes as a disappointment to developing nations, with estimates of annual loss and damage exceeding $400 billion. The United States, the largest historical polluter, has pledged only $17.5 million, underscoring a persistent indifference. Climate justice experts emphasize the need for new and additional grants, but many pledges lack clarity. The UK’s £60 million pledge, criticized for not being new, adds to the concern. As discussions unfold in the global stocktake negotiations, the world awaits guidance on contributions to loss and damage, crucial for limiting global warming to 1.5°C. Click here to read more.
