Although COP28 is already being seen by some as a historical step in addressing the future of fossil fuels, many ESCR-Net members believe that the agreements reached are just another set of false solutions where polluters and the market continue to exploit the planet and our peoples. This path keeps us trapped in the vicious cycle of worsening climate chaos and shackles of debt for many impoverished countries as they crawl to recover from the impact of the climate crisis.
COP28 began with the agreement to operationalize the Loss and Damage Fund which had many loopholes. The Fund was set up after 30 years of collective efforts to hold developed countries accountable for their historical responsibilities to pay for the impact of loss and damage. However, there is a glaring insufficiency in the pledges, with a total of 770.6 million USD. Countries have failed to guarantee that the amount pledged is new, additional to their Official Development Assistance (ODA) and existing funding commitment, and will actually be allocated fully towards the operationalisation of the Fund. Even in that case, the amount is far from the estimated 400 billion USD required annually as a minimum pay to immediately address the impact of loss and damage. These issues were repeatedly stressed in a press conference organized by ESCR-Net, the Asia Pacific Forum on Women, Law and Development (APWLD), and the Women and Gender Constituency (WGC).