Africa: COP27 Loss and Damage Finance Fund a Down Payment On Climate Justice.

Sharm el-Sheikh, Egypt — Greenpeace welcomes the COP27 agreement to establish a Loss and Damage Finance Fund as an important foundation in building towards climate justice. But, warns against politics as usual.

Mbong Akiy Fokwa Tsafack, who represented Greenpeace Africa at the COP said:

“COP27 ended with an agreement to pay for loss and damages, while a major milestone for people suffering the worst effects of the climate crisis, a lack of an agreement to completely phase out fossil fuels will make the same losses and damages more severe. Extracting and burning fossil fuels would lead us to more devastating climate impacts. Instead of steering the world in the right direction, Africa’s climate conference kept pushing the community of nations for a colonial scramble for African oil and gas. Where African leaders have failed, African people will prevail for a fossil-free future.”

Yeb Saño, Executive Director, Greenpeace Southeast Asia and Head of the Greenpeace delegation attending the COP said:

“The agreement for a Loss and Damage Finance Fund marks a new dawn for climate justice. Governments have laid the cornerstone of a long overdue new fund to deliver vital support to vulnerable countries and communities who are already being devastated by the accelerating climate crisis.”

“Well into overtime these negotiations have been marred by attempts to trade adaptation and mitigation against loss and damage. In the end they were pulled back from the precipice by the concerted effort of developing countries standing firm and by climate activists’ demands for the 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 long enough lever, we can move the world, and today that lever is the solidarity among civil society, frontline communities, and developing countries most impacted by the climate crisis.”

“Moving forward into discussion of the details of the Fund, we need to ensure that the countries and corporations most responsible for the climate crisis make the biggest contribution. That means new and additional finance for developing countries and climate vulnerable communities not just for loss and damage, but for adaptation and mitigation too. Developed countries must make good on the existing US $100bn per year pledge to support low income countries to deliver carbon-cutting policies and increase resilience to climate impacts. They must also implement their commitment to at least double funding for adaptation.”