COP27 commitment to create loss and damage fund a monumental win, if properly funded: Oxfam Australia

Campaigns and Advocacy, Climate Change, Media Releases article written on the 21 Nov 2022

Responding to the final communiqué of the COP27 climate talks in Sharm El-Sheikh, Egypt, Oxfam Australia Chief Executive Lyn Morgain said: 

“The establishment of a loss and damage fund is a monumental achievement for vulnerable developing countries and communities on the frontlines of the climate crisis. They have been calling for funding to cope with the devastating impacts of climate change for more than 30 years.

“We welcome the role played by Australia in helping to achieve this outcome at the COP27 climate talks in Sharm El-Sheikh.

“This fund must be operationalised as soon as possible with contributions from wealthy countries, including Australia, that have benefited economically from their carbon intensive economies.

“In East Africa, nearly 40 million people are experiencing climate-induced hunger. Recent catastrophic floods in Pakistan have inflicted more than $30 billion in damages and economic losses and left 10 to 12% of the country’s land under water, affecting more than 33 million people. The list of extreme weather events and disasters is growing, as are the devastating impacts on communities.

“While we applaud the creation of the loss and damage fund, we remain deeply concerned about the failure to agree on an equitable and urgent phase-out of all fossil fuels leaving the world on track for a catastrophic 2.8°C of warming.

“We are not transitioning away from fossil fuels fast enough to keep warming below 1.5°C, leading to more losses, damage and suffering.

“Wealthy countries continue to fail to meet their goal to raise $100 billion in climate finance annually to assist lower income countries to reduce their emissions and adapt to the changing climate. We need a clear roadmap on how to deliver on the $600 billion promised between 2020 and 2025.

“We are also dismayed by the discussions to enhance the Gender Action Plan, which was at the heart of the UNFCCC processes for gender-responsive climate action. Gender was only marginally mentioned, if at all, in the COP27 decisions.

“The climate crisis is about inequality and injustice. Communities at the frontlines of the crisis are bearing the brunt of climate-induced disasters, as well as additional impacts such as conflict, loss of livelihoods, and economic shocks. World leaders must push political differences aside and put the needs of these communities first.”

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