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COP27 Loss and Damage Finance Facility a down payment for climate justice | Greenpeace int.

Sharm el-Sheikh, Egypt – Greenpeace welcomes the COP27 agreement to set up a Loss and Damage Finance Fund as an important basis for building climate justice. But, as usual, warns about politics.

said Yeb Saño, executive director of Greenpeace Southeast Asia and head of the Greenpeace delegation attending the COP
“The agreement for a Loss and Damage Finance Fund marks a new dawn for climate justice. Governments have laid the groundwork for a long-overdue new fund to provide critical support to vulnerable countries and communities already devastated by the accelerating climate crisis.”

“Well into overtime, these negotiations have been marred by attempts to trade adjustments and mitigations for losses and damages. In the end, they were pulled back from the brink by the concerted effort of developing countries that stood their ground and by climate activists' calls for blockers to step up.”

“The inspiration we can draw from the successful establishment of the Loss and Damage Fund in Sharm El-Sheikh is that if we have a lever long enough, we can move the world and today that lever is solidarity between civil society and frontline communities, and developing countries hardest hit by the climate crisis.”

“In discussing the details of the fund, we need to ensure that the countries and companies most responsible for the climate crisis make the biggest contribution. That means new and additional funds for developing countries and climate-vulnerable communities, not only for loss and damage, but also for adaptation and mitigation. Developed countries must deliver on the existing pledge of US$100 billion per year to help low-income countries implement policies to reduce carbon and build resilience to climate impacts. They must also implement their commitment to at least double funding for adaptation.”

“Encouragingly, a large number of countries from North and South have expressed strong support for phasing out all fossil fuels – coal, oil and gas – which will require implementation of the Paris Agreement. But they were ignored by the Egyptian COP Presidency. Petro-states and a small army of fossil fuel lobbyists were out in Sharm el-Sheikh to make sure that didn't happen. In the end, unless all fossil fuels are phased out quickly, no amount of money will be able to cover the cost of the resulting loss and damage. It's that simple. When your bathtub overflows you turn off the taps, you don't wait a while and then go out and buy a bigger mop!”

“Tackling climate change and promoting climate justice is not a zero-sum game. It's not about winners and losers. Either we make progress on all fronts or we lose all. It must be remembered that nature does not negotiate, nature does not compromise.”

“Today's victory of human power over loss and damage must be translated into renewed action to uncover climate blockers, push for bolder policies to end our dependence on fossil fuels, promote renewable energy and support a just transition. Only then can major steps towards climate justice be taken.”


For media inquiries please contact the Greenpeace International Press Desk: [email protected]+31 (0) 20 718 2470 (available XNUMX hours a day)

Pictures from the COP27 can be found in the Greenpeace Media Library.

Photos: Greenpeace

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