On the path to climate justice

The Loss and Damage Fund 

Many countries in the Global South are battling particularly hard with the impacts ofglobal warming. And yet their emissions are comparatively low. 80 percent of the world’s climate-damaging emissions are generated by the 20 largest economies. That’s why the UN signatory states, at COP27, created theLoss and Damage Fund. It will be used to help developing countries hit hard by climate change to cover the costs of loss and damage. It will be financed by industrialised countries, which are primarily responsible for global emissions. The fund is to be finalised at COP28 and begin working in 2024.  

Jennifer Morgan, state secretary and special envoy for international climate action, stated in November 2023 that Germany “stands ready to fulfil its responsibility – we’re actively working towards contributing to the new fund and assessing options for more structural sources of financing”. 

Supporting developing nations with climate protection measures 

Back in 2009, the industrialised countries agreed to increase annual climate funding to 100 billion euros by 2020 so as to support developing nations with funding climate protection measures. The assistance is to give these countries the chance to reduce their carbon emissions and adapt to the impacts of climate change. At the Paris Climate Conference in 2015, this goal was postponed to 2025. By then, Germany wanted to increase climate adaptation funding for emerging economies and developing countries to six billion euros per year. It already exceeded this target, raising its funding to 6.3 billion euros, in 2022 - three years earlier than promised.  

After 2025, a new international climate funding system is to be defined that will exceed the 100 billion dollar target and take the special needs and priorities of developing countries into account. 

Detailed information about COP28 can be found here.