Parties Say ‘YES’ to set up Loss and Damage Fund
History was made yesterday at COP27 in Sharm El-Sheikh, Egypt, as parties agreed to the establishment of the longawaited loss and damage fund.
This fund is to assist developing countries that are particularly vulnerable to the adverse effects of climate change.
The announcement was made by COP27 president, Sameh Shoukry, at the closing plenary of the conference that went on till 3am Sunday morning (Egypt time).
COP27 was on overtime as negotiators scrambled through Saturday to early Sunday morning to reach consensus.
Throughout the week, Pacific Island leaders fought hard to advocate on the importance of establishing this fund facility for islands in the region that were facing the devastating impacts of climate change.
Fiji’s Head of Delegation and Permanent Representative to the United Nations, Dr Satyendra Prasad, had said earlier that it was morally unjust and wrong for the victims of climate change to pay for their own relocation.
Samoan Prime Minister, Fiame Naomi Mata’afa, said arrangements for the Loss and Damage Response Fund must remain a priority for all.
She added that loss and damage must remain firmly on the table as there were increasing occurrences and severity of climate change impacts everywhere.
Lavetanalagi Seru, Regional Policy Coordinator at Pacific Islands Climate Action Network, after the announcement yesterday, said: “31 years since Vanuatu raised the issue of loss and damage, today nations sent a political signal that finally offers hope to countries most impacted by the climate crisis, as they agree to establish a loss and damage fund.