International development agency, Christian Aid, has welcomed the operationalisation of a Loss and Damage Fund at COP28 in Dubai but warns the UK Government’s pledge amounts to “creative accounting” and raids climate finance already pledged to developing countries.
Jennifer Larbie, Christian Aid’s Head of UK Advocacy and Campaigns, said: “People who have contributed the least to the climate crisis are already suffering loss and damage. It is vital we see the Loss and Damage Fund filled with new and additional pledges; repackaged money will not cut it.
“The UK Government’s pledge already fails that litmus test. As fossil fuel giants rake in billions in profit, the Prime Minister’s creative accounting is taking climate finance pledged to developing countries and leaving the most vulnerable pay for climate chaos. We must make polluters pay.”
Mariana Paoli, Christian Aid’s Global Advocacy Lead, added: “This time last year, at the start of COP27 in Egypt, the Loss and Damage Fund was not even on the agenda. It is a testament to the determination of negotiators from the Global South that we have got this far.
“However, it is deeply concerning that the World Bank is to be the interim host of the fund. Alongside a commitment to transparency, we will need to be vigilant to ensure vulnerable communities are able to get swift and easy access to funds. If these conditions are not kept, an independent arrangement will be needed.”
ENDS.
