The loss and damage fund aimed at assisting nations vulnerable to climate change is nearing $400 million, though it still falls short of the $788 million pledged, as revealed by Ibrahima Cheikh Diong, the fund’s executive director. In a recent press conference, Diong highlighted the critical difference between the pledges made by countries and the actual availability of funds.
Currently, the Philippines is hosting the board that oversees this vital fund, which is designed to tackle the irreversible impacts of extreme weather events. Diong pointed out that achieving half of the pledged amount in actual funding is a positive step, especially in light of the difficulties in transitioning from commitments to tangible financial support. Managed by the World Bank, this fund is essential for developing countries, which require approximately $1.3 trillion annually to meet climate objectives. By 2024, nations have set an ambitious climate financing target of $300 billion per year by 2035.
The board recently concluded its seventh meeting in Manila on October 9, shortly before global leaders gather in Belem, Brazil, for the upcoming UN Climate Change Conference (COP30). Diong indicated that proposals for funding would be solicited during COP30, with the board processing requests from nations in the following months to ensure alignment with established criteria. Countries will need to appoint a “focal point” to work directly with the board on progress and priority needs.
The fund aims to assist nations facing the harsh realities of climate change, especially in the context of increasingly severe weather patterns and slow-onset events. Established during COP28 in Dubai, UAE, in 2023, the fund is an important vehicle for responding to these challenges. At the Manila meeting, environmental advocates rallied for bolder climate actions and necessary reforms, including legislation aimed at holding fossil fuel companies accountable. Activists like Maya Quirino from the Legal Rights and Natural Resources Centre emphasized the necessity of implementing national laws to ensure accountability from polluters.
COP30 has been designated as the “implementation COP” by its presidency, marking a pivotal moment for solidifying the promises articulated in the historic Paris Agreement of ten years ago. The ongoing discussions and financial commitments reflect a crucial turning point in climate finance, particularly for nations that urgently need support. As the pressure for enhanced accountability and immediate action increases, there is hope that these pledges will be transformed into significant resources, empowering vulnerable communities to build resilience against the growing threats posed by climate change.