Rich countries stalling talks on loss and damage fund

In reaction to the draft text which the ministers are negotiating on loss and damage finance, Oxfam’s Climate Change Policy Lead, Nafkote Dabi said:

“As the COP27 enters the final crucial days, it is a shame that rich countries – especially the US – continue to reject calls from the G77 Group, representing 134 developing countries, for a loss and damage fund to be established here at COP27.

"Oxfam is in full support of the G77’s position and is saddened that the inclusion of Loss and Damage in the COP27 agenda remains a political game for developed countries, who may likely exit this summit with no agreement on the way forward. The principles that underpin the global climate discussion – responsibility, equity, justice, fairness – have left the conference room.

"More than 40 million people in the Horn of Africa are currently experiencing climate induced hungers crisis. Pakistan is faced with $30 billion worth of loss and damage from the recent mass floods that left a third of the country under water. It is crucial that developing countries can access a formal fund to pay for the damages and losses they are already suffering today.

"Rich countries must meet their $100 billion annual goal for climate finance in addition to establishing a new Loss and Damage fund that is fit for purpose, accessible and gender responsive. It is long overdue – the call for L&D finance was made 30 years back. Rich countries must heed the urgent call and deliver a loss and damage fund at COP27.”