Oxfam applauds progress on setting up loss and damage fund at COP28 —but sufficient money is crucial next step

In response to the COP28 decision to advance the establishment of a loss and damage fund, Lyndsay Walsh, Oxfam’s Climate Policy Advisor, said: 

“After 32 years of pressure and 27 COPs, we finally have a loss and damage fund. Despite the shortcomings in its structure, this is a very welcome step towards supporting people recovering from the severe and irreparable consequences of climate-fueled disasters. However, this isn’t the end of the journey. A lot of work remains to make sure the World Bank, as interim host, fulfils the conditions outlined in the agreed text —particularly that the fund’s resources directly benefit communities and its operations align with human rights principles.

“Urgently, we now need to see this fund filled with grant-based finance. While the pledges made today are a positive start to COP28, they are a fraction of what is needed. Loss and damage costs in developing countries are already in the hundreds of billions. Over the next weeks and months, we must also see rich countries commit billions in new and additional money. At the backdrop of monster profits for fossil energy giants and extreme billionaire wealth, there are some very obvious places governments could be looking to find additional money.”