No consensus on Loss and Damage Fund yet

As the global community gears towards the United Nations Climate Conference, tagged COP28 at Abu Dhabi the United Arab Emirates, November 30 to 12 December, the Loss and Damage Fund has become threated. The Fund, which was created at COP27 in 2022 in Sharm el-Sheikh, Egypt, was meant to support developing countries impacted by climate change. It is particularly meant to help communities severely experiencing losses and damages occasioned by the climate change-induced extreme weather events. At their meeting on Saturday in Aswan Egypt, the Loss and Damage Transitional Committee failed to reach consensus on issues relating to the proposed loss and damage fund, especially in respect of the three fundamental issues of: who will host the fund, which nations are eligible to get financial assistance and who must pay into the fund. The fund is a key deliverable for the COP28 outcome, but the differences between developed and developing countries on these issues proves capable of preventing its realization. where the negotiators are expected to take a final call on operationalising the fund. Abu Dhabi, UAE during November 3-5. Developed countries want the fund to be located under the World Bank, empowering it to set up its secretariat, and disburse the fund, developing countries opposed it, stating that it will create bottlenecks to access to the fund, while impeding on its legal independence and flexibility. In addition, the developed countries want emerging countries like India and China to contribute to the fund, the developing country parties also insist that all developing countries should be beneficiaries of the fund being at the receiving end of the climate impacts caused by the rich and developed countries, but the least developed and small island countries should receive special attention..