While the Transitional Committee gathers in Abu Dhabi, young people from the Loss and Damage Youth Coalition (LDYC) call on wealthy countries to stop hindering the swift setup of the Loss and Damage Fund and its funding plans. The Transitional Committee must prioritize principles of justice, equity, common but differentiated responsibility, and common interest in discussions on loss and damage.
The recent TC4 meeting has exposed significant disagreements regarding the establishment of the Loss and Damage Fund. It’s essential to note that some critical aspects have been put at risk, such as keeping the fund separate under the UNFCCC and ensuring that it offers new, reliable, grant-based financial help to developing countries. As we move into the end of TC5, we urge world leaders and policymakers to recognize the unique opportunity they have to restore hope for effective climate action by making sure the Loss and Damage Fund is fully operational at COP 28. Decision 2/CP.27, which established new funding arrangements for Loss and Damage at COP 27, marked a crucial moment in history that we can’t afford to mess up, especially after decades of government and institutional failures to address the climate crisis. The operationalization of the Loss and Damage Fund and its funding plans is our chance:
- To support justice and fairness and ensure that those most affected by climate change are not left behind as a sign of global solidarity for the planet and its people.
- To correct the course of a history full of empty climate promises and roadblocks.
- To make necessary changes to the global financial system, as recognized by global leaders during the summit for a new financial pact in Paris in June 2023.
We emphasize that the Fund should be designed to meet the needs and priorities of developing countries and the most affected communities. To align with the values of justice, fairness, and the principle of common but differentiated responsibility, we demand that:
- The Loss & Damage Fund must be established as a new and independent entity under the UNFCCC. The World Bank is not a suitable host for the loss and damage fund because it cannot ensure the principles of justice and equity that the fund should embody.
- The L&D Fund must be reliable, sufficient, new, additional, accessible, and grant-based to avoid increasing countries’ debt. Civil society organizations, particularly those led by women, youth, indigenous peoples, and frontline communities, must have a significant role in decision-making regarding the loss and damage fund to ensure inclusivity and accessibility for frontline communities and grassroots organizations.
- The Loss and Damage Fund must incorporate human rights as a guiding principle to protect the basic human rights of communities in the context of increasing climate-induced loss and damage.
As an international youth coalition with over 900 members in more than 70 countries, we remind developed nations of their historical and moral duty to take tangible steps to tackle loss and damage. The effects of climate change continue to represent the most significant injustice for current and future generations. We stand in unity, committed to collectively holding our leaders accountable.
Loss and damage finance is neither charity nor development fund – it is a matter of justice and responsibility.
For any inquiry, please contact:
Loss and Damage Youth Coalition
Note: In September, we already shared recommendations for parties to consider, including aspects of the operationalisation of the Loss and damage fund: Demands for COP28