Loss and damage fund risks becoming ‘fund for the end of the world’ due to COP27 failures
Posted on 20 November 2022
WWF argues that climate ambition has not advanced since COP26. The world cannot afford to have another COP like this one, that fails to increase ambition, finance and credibilitySharm El-Sheikh, Egypt (20 November 2022) - WWF says that the COP27 climate summit has made a welcome step towards a loss and damage fund, but by failing to agree to more ambitious action on emissions reductions, the goal of limiting global warming to 1.5°C is slipping away with disastrous consequences for the world.
Manuel Pulgar-Vidal, WWF Global Climate and Energy Lead, and COP20 President, said: “The loss and damage deal agreed is a positive step, but it risks becoming a ‘fund for the end of the world’ if countries don’t move faster to slash emissions and limit warming to below 1.5°C. By failing to agree to phase-out fossil fuels at COP27, leaders have missed the chance to accelerate the elimination of fossil fuels, keeping us on course to climate catastrophe. Without rapid and deep emissions cuts we cannot limit the scale of loss and damage.
“We cannot afford to have another climate summit like this one. It is unacceptable that negotiators have failed to reach a more ambitious agreement than that agreed in Glasgow last year. Future COP presidencies can’t squander the opportunity. Now governments must redouble their efforts to reduce emissions and take the necessary transformative action to keep warming to below 1.5°C. The COP28 climate summit next year must be the COP of climate credibility. And countries must deliver.”
Alice Ruhweza, WWF Regional Director for Africa, said: “This was meant to be an ‘African COP’, but it has failed to deliver on the continent’s needs and priorities. Africa is on the front lines of the climate crisis and is highly vulnerable to its impacts. We are already seeing terrible impacts and loss and damage across the continent. We welcome progress in establishing a fund to help countries recover from climate-related disasters, but this is not enough without more action to prevent the climate crisis from spiralling out of control. We also need to push further to ensure that the fund is resourced and is aligned with equity and justice. Furthermore, we expected to see more finance and action to increase Africa’s resilience, but yet again finance commitments for adaptation were not met.”
Dr Stephen Cornelius, WWF Global Climate and Energy Deputy Lead, said: “Nature has absorbed 54% of humanity’s carbon dioxide emissions over the past 10 years, so it is good to see countries recognise the importance of nature-based solutions in the final COP27 cover decision. But action on nature alone will be futile without parallel action to rapidly cut emissions.
“Despite the outcome of this summit, we should all draw inspiration from the powerful messages and determination shown by campaigners, Indigenous Peoples, civil society and young people who have made their voices heard despite the challenging conditions. The climate crisis will affect different people and places unevenly, and so is likely to lead to further inequalities and injustice within and across nations. All climate action must go hand in hand with improved human rights and equity.”
Robin Harvey, Media Relations Manager, WWF International email@example.com
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WWF COP27 Expectations paper is available to read here
WWF Africa’s expectations paper available here
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