In a groundbreaking move at COP28 in Dubai, the international community has taken a significant step towards addressing the profound impacts of climate change on vulnerable communities. The adoption and operationalization of the Loss and Damage (L&D) fund mark a critical milestone in recognizing the urgent need for financial support in regions disproportionately affected by the climate crisis.

Understanding Loss and Damage

We’ve all once heard a story of a family or community losing their lands, crops, homes and loved ones due to the impacts of climate change. Some of those stories tell about heavy rainfalls, coastal erosion, or desertification causing loss and damage. In the climate space, the concept of Loss and Damage acknowledges that some climate change impacts are beyond the scope of adaptation, leading to irreversible losses for communities. From extreme weather events to slow-onset impacts like rising sea levels, vulnerable regions, particularly in Africa, bear the brunt of these consequences. Communities are grappling with economic losses, displacement, and the inability to rebuild in the aftermath of devastating climate events.

Operationalizing the Fund: Hope for Africa

Africa, a continent facing the severe consequences of climate change, stands to benefit significantly from the operationalization of the Loss and Damage fund. The COP28 decision signals a commitment to providing financial assistance and support for African nations grappling with the escalating impacts of climate change. This includes measures to address both immediate and long-term losses, enabling communities to rebuild and adapt to a changing climate.

“The step towards operationalizing the Loss and Damage fund is a promising start to the climate talks. The urgency of the climate crisis requires that we move with speed to translate this to action and work towards the delivery of financing to communities that continue to bear the brunt of the climate crisis in the most climate-vulnerable regions. It is time for big polluters in line with their historic emissions to pay up to deliver justice to those disproportionately affected by their reliance on fossil fuels” says Landry Ninteretse, Director of 350Africa.org

The Call for Accountability

While 350Africa.org appreciates the establishment of the fund, it is concerning that wealthy nations have swiftly attempted to downplay its significance by proposing inadequate contribution thresholds. The requirements of affected communities amount to hundreds of billions, not mere millions. This should be seen as just the beginning, and there is an urgent need for substantial increases in pledges to address the magnitude of the issue.

The international community has taken a commendable step in addressing Loss and Damage yet, but there remains a critical aspect of accountability that must not be overlooked. Big polluters and fossil fuel companies, historically responsible for a significant share of greenhouse gas emissions, are called upon to participate in the Loss and Damage fund.

This is not merely a financial contribution; it’s a recognition of the need to rectify the historical injustice imposed on vulnerable communities.

As COP28 unfolds in Dubai, the global community must seize the opportunity to set a precedent for corporate responsibility in the face of the climate crisis. The Loss and Damage fund, when supported by major polluters and fossil fuel companies, can become a powerful tool for redressing climate-related injustices and supporting the resilience of communities in Africa and beyond. The world is watching, and the decisions made in Dubai will echo for generations to come. It’s time for all stakeholders, including corporate giants, to step up and take responsibility for healing our planet and ensuring a sustainable future for all.